Churchill Downs makes bid to purchase Pimlico as state weighs takeover

BALTIMORE - Churchill Downs is making a bid to purchase Pimlico Race Course, according to our media partner The Baltimore Banner.

Churchill Downs, which is the publicly traded company that owns the track to the Kentucky Derby has made an overture to buy the home of the Preakness Stakes.

It's unclear how serious the offer is from Churchill Downs or if there has been any formal or informal offer made to buy the track.

 The Stronach Group has agreed to transfer Pimlico Race Course to the state of Maryland.

The Stronach Group will be paid $3 million annually in the 10-year license agreement, as well as two percent of the handle from The Preakness and Black Eye Susan Stakes, officials told lawmakers Tuesday.

The General Assembly still needs to approve the deal, which would clear the way for the demolition and redevelopment of Pimlico Race Course. A bill would increase the bonds approved for the project from $375 million to $400 million.

During the redevelopment, The Preakness Stakes would temporarily move 20 miles south to Laurel Park in 2026.  

The redevelopment options include an upgraded track, training facility, and event space.