Edited Press ReleaseIn a press release shared July 31, the office of the Governor of the State of Maryland revealed that it has completed its acquisition of the Intellectual Property (IP) Rights to the Preakness Stakes and Black Eyed Susan from 1/ST Racing.Governor Wes Moore notified the racing entity June 18 that the state would be exercising its right of first refusal to match the $85-million offer made by Churchill Downs, Inc. (CDI) to acquire the IP rights. The Maryland Economic Development Corporation (MEDCO) issued notes to finance the acquisition. No General Fund tax dollars were expended to acquire the rights.“The Preakness Stakes is a cornerstone of Maryland's history, culture, and economy–so our administration is dedicated to preserving our state as a key power player in the Triple Crown for generations to come,” said Gov. Moore. “With this final acquisition we are not only leveraging the Preakness's iconic status and uplifting our horse racing industry, we are revitalizing the communities that directly benefit from the economic opportunities of the race.”Through the acquisition, the State of Maryland secured ownership of the valuable IP rights, ensuring that the Preakness will call Baltimore and Maryland home well into the future and the State will remain in firm control of Maryland's multi-billion-dollar equine industry. The State of Maryland now possesses sole ownership of the vital assets that drive its horseracing sector–with Pimlico Race Course and Laurel Park under control of the Maryland Stadium Authority and day-to-day horseracing being overseen by The Maryland Jockey Club, a not-for-profit organization established by state law.By owning the IP, the State will no longer be subject to the disadvantageous fee structure of the existing exclusive licensing agreement, which would have escalated costs for the State over time. Instead, the State will operate under a model that prioritizes industry health and community benefit, consistent with the nonprofit model adopted by the Maryland Jockey Club.To read the release in its entirety, please go here.The post State of Maryland Completes Acquisition of IP Rights to Preakness, Black Eyed Susan appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.