State lawmakers on Tuesday questioned how exactly Maryland will pay for the future of its thoroughbred horse racing industry and to what extent the Baltimore communities surrounding Pimlico Race Course will benefit from hundreds of millions of dollars in facility upgrades.
Under an agreement between the state and The Stronach Group, the Canadian company that owns Pimlico Race Course and operates the Preakness Stakes, the state government would assume ownership of the track and, beginning in 2027, run the annual race through a new 501(c)(4) not-for-profit authority.
The new operator will be known as the Maryland Jockey Club, continuing the name of the current Preakness Stakes operator, owned by The Stronach Group. The Maryland Jockey Club was first established in Annapolis before the Revolutionary War and is believed to be the country’s oldest sporting organization.
The state would pay $1 to acquire the track and then $3 million per year, plus 2% of money wagered, for the rights to operate the Preakness Stakes, said Greg Cross, a Venable LLP attorney who led negotiations with The Stronach Group on the state’s behalf.
The agreement is contingent on approval from the state legislature and the powerful Board of Public Works, comprising the governor, comptroller and treasurer.
Click here to read the rest of the article written by Jack Hogan over at The Daily Record
