Edited Press Release
The Stronach Group, the Maryland Jockey Club, and the Maryland Thoroughbred Racetrack Operating Authority (“MTROA”) today announced they have reached the framework of an agreement in principle to preserve and enhance the Thoroughbred racing industry in Maryland.
The understanding, subject to the negotiation of definitive agreements, legislative authorization, and all required governmental approvals, will enable the MTROA to design and build an iconic racing venue at Pimlico and take over day-to-day racing and training in Maryland.
“The Authority's report represents an important next step for the industry, and I look forward to working with the General Assembly and the Maryland Thoroughbred Racetrack Operating Authority to finalize an agreement that ensures this important industry continues to create jobs and drive economic growth for years to come,” said Governor Wes Moore, whose office issued the release.
The Stronach Group and the Maryland Jockey Club, as the owners of the real property assets located at Laurel Park and Pimlico Race Course and the intellectual property assets comprising the GI Preakness S., the GII Black-Eyed Susan S. and related festivals, will be working with the MTROA to implement terms for the use of these assets in the short and long term.
“The Stronach Group and the Maryland Jockey Club remain deeply committed to reinvigorating Thoroughbred racing in Maryland, and this framework agreement represents an important first step in that process,” said Belinda Stronach, Chairwoman, Chief Executive Officer and President, The Stronach Group.
The agreement will allow a fluid transition from The Stronach Group and the Maryland Jockey Club as operators to the MTROA in 2025, as well as allow the time needed to develop a new training facility and modernize Pimlico Race Course. The Stronach Group and the Maryland Jockey Club will retain ownership of the intellectual property associated with the Preakness S. under a license to MTROA.
“On behalf of the MTROA, I'm delighted that we were able to chart a course forward for Maryland racing that will ensure the industry continues to thrive for decades to come,” said Greg Cross, Chairman of the Maryland Thoroughbred Racetrack Operating Authority.
Click here to access the MTROA report.
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