A now-extinct state board charged with overseeing the redevelopment of Pimlico Race Course and overseeing thoroughbred racing in the state failed to formalize an agreement for $10 million in working capital and ensure that millions in consulting contracts were in the state’s best interest and competitively bid.
The findings are part of a report on the Maryland Thoroughbred Racetrack Operating Authority released Thursday by the Office of Legislative Audits.
The report found “significant deficiencies” in the operation of the board that auditors said could “adversely affect MTROA’s ability to maintain reliable financial records, operate effectively, and/or comply with applicable laws, rules or regulations.”
Auditors said they also found “significant instances of noncompliance” with state laws and regulations.
The authority was created in 2023 as part of what is seen by many as a last-ditch effort to preserve the state’s horse racing and related industries, revitalize Pimlico and prevent the Preakness Stakes, the second leg of the Triple Crown, from leaving Baltimore and perhaps Maryland.
The 13-member authority was tasked then with creating a “best in class” racing venue. The authority was to take over the track and consolidate thoroughbred racing in the state. The authority created the nonprofit Maryland Jockey Club last year to manage day-to-day racing operations as the state took over the track as well as the licensing of the Preakness and related races and memorabilia.
Click here to read the rest of the article written by Bryan Sears over at Maryland Matters
