Who Owns Pimlico Race Track: The Sale, the Authority, and the Preakness Brand

The State of Maryland owns Pimlico Race Track. The state bought the Baltimore property from The Stronach Group for $1 on July 1, 2024, and title now sits with the Maryland Thoroughbred Racetrack Operating Authority, a state body created by the General Assembly to run and rebuild the 154-year-old track.¹²

How the Sale Happened

The Maryland Board of Public Works approved the transfer agreement in 2024, moving ownership from The Stronach Group to the state for a symbolic $1 payment.¹ The deal closed on July 1, 2024. On that date, the property and the racing license tied to it passed to the Maryland Thoroughbred Racetrack Operating Authority.²

The dollar price is misleading on its own. The real investment is the $400 million in state bonds authorized to demolish and rebuild the facility.³ In terms of legal title, though, Pimlico is now a public asset, ending more than a century of private ownership for one of America’s oldest active racetracks.

Before the state took over, Pimlico was owned and operated by The Stronach Group through its subsidiary, the Maryland Jockey Club. The Stronach Group runs publicly as 1/ST Racing and remains a major presence in North American thoroughbred racing, with roughly 20% of industry market share and facilities in California and Florida.⁴ The Maryland Jockey Club continues to oversee daily operations at Laurel Park during the transition while the state builds out its own operational capacity.⁵

The Preakness Brand Is a Separate Question

Owning Pimlico the property is not the same as owning the Preakness Stakes the race, and the distinction matters. When the state bought the track, The Stronach Group kept the trademarks and intellectual property for the Preakness and the Black-Eyed Susan Stakes. The transfer agreement included a long-term licensing deal letting the state continue hosting the race, with a full transfer of rights to the Authority scheduled after the 151st Preakness in 2026.¹

That picture changed in April 2026. Churchill Downs Incorporated, which already owns the Kentucky Derby, announced it had agreed to purchase all Preakness and Black-Eyed Susan intellectual property from 1/ST Racing for $85 million. Churchill Downs will license the Preakness rights back to the state. Maryland keeps the right to host the race, but the licensing fees now flow to Churchill Downs rather than The Stronach Group. The deal is expected to close after the May 16, 2026 running of the Preakness at Laurel Park.

So the Preakness now sits in a three-party arrangement. Maryland owns the track. Churchill Downs owns the brand. The state licenses the right to put the two together.

The Authority Running Pimlico

Day-to-day management and the long-term redevelopment of Pimlico fall to the Maryland Thoroughbred Racetrack Operating Authority, a state body created by the General Assembly in 2023.⁶ The Authority is a state instrumentality, meaning it is the state for ownership purposes but functions as a standalone operating body.

Thirteen members sit on the board. The Governor appoints five voting members with Senate confirmation, plus three nonvoting members who live near the Bowie, Laurel Park, and Pimlico racetracks. The Senate President and House Speaker each appoint one voting member. One nonvoting member comes from the State Racing Commission, and two more serve ex officio.⁶

One wrinkle worth knowing: the Authority’s authorization is currently set to expire on June 30, 2029, while the reconstruction project is expected to run into 2028.⁶ Legislators will likely need to extend that deadline before the Authority sunsets.

What the State Now Owns, and What’s Being Built

Pimlico is not simply changing hands. The entire facility is being torn down and rebuilt. Demolition began after the 150th Preakness Stakes in 2024, and all racing and training operations moved to Laurel Park.³ The Maryland Stadium Authority is overseeing construction, and the rebuilt campus is planned as a year-round facility rather than one that comes alive only for a few weeks of racing.

The Preakness itself is bouncing between venues during the work:

2026: the 151st Preakness runs at Laurel Park on May 16.
2027: the 152nd Preakness is expected to return to Pimlico, likely on a partially completed facility.
2028: racing shifts back to Laurel Park so the permanent clubhouse can be finished, which is projected to open in time for the 153rd Preakness.

The state’s ambitions reach beyond Pimlico. In early 2026, the Maryland Stadium Authority announced plans to buy the 229-acre Laurel Park from 1/ST Holdings for $48.5 million and convert it into a dedicated thoroughbred training facility.⁷ That purchase still needs final Board of Public Works approval. If it closes, Maryland will own both of the state’s most significant thoroughbred properties, with Laurel Park handling overnight racing and training and Pimlico reserved for marquee events.

1
The Office of Governor Wes Moore. Governor Moore and Board of Public Works Approve Agreement to Transfer Ownership of Pimlico Race Course to the State of Maryland
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Pimlico Race Course. Pimlico Race Course Closure FAQs
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Maryland Stadium Authority. Redevelopment of the Pimlico Racing Facility and New Training Facility
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1/ST. About
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Maryland Stadium Authority. Maryland Stadium Authority Announces Intent to Acquire Laurel Park, Redevelop as Statewide Thoroughbred Training Facility
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Maryland Manual On-Line. Maryland Thoroughbred Racetrack Operating Authority
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The Office of Governor Wes Moore. Governor Moore Announces State Acquisition of Laurel Park, Securing Future of Marylands Thoroughbred Racing