Preakness Stakes to remain at spiritual home after deal saves Pimlico racecourse

A historic deal has been reached to keep the Preakness Stakes, the second leg of the US Triple Crown, at its traditional home with plans put forward to redevelop the ageing Pimlico racecourse rather than shift the race to nearby Laurel.

The Stronach Group, owners of the two Maryland racecourses, had spent much of the spring suggesting the Preakness, run over a mile and half a furlong two weeks after the Kentucky Derby, would be moved to Laurel Park, essentially bringing an end to racing at Pimlico, where action has been held since 1870.

However, in an agreement announced on Saturday by the city of Baltimore and industry leaders, ownership of the Pimlico property will be transferred to the city, and a state-of-the-art clubhouse and community centre would be added while older parts of the track would be renovated. The plan also calls for upgrades at Laurel Park.

Baltimore mayor Bernard 'Jack' Young announced the city, The Stronach Group and the Maryland Thoroughbred industry have reached an agreement in principle that will be submitted to state lawmakers in the state capital Annapolis for review and consideration.

According to a joint release from those players, if the plan is approved during the next General Assembly, it would preserve the Preakness at Pimlico, enhance year-round sustainable racing at Laurel Park with state-of-the-art modern facilities, and spur community redevelopment efforts in and around Pimlico.

According to capital plans, the renovations at Pimlico will cost nearly $200 million, and the upgrades at Laurel will cost $173m.

The Baltimore Sun reported that a key part of the plan is extending the subsidy for the tracks called the Racetrack Facilities Renewal Account, which is funded by slot machine money to pay for track improvements.

"This is a historic moment," Young said. "The Preakness Stakes is an important part of the city's legacy and future. I could not be any more pleased, excited, or proud. And I want to thank Belinda Stronach for her vision and unwavering commitment to the city, the state, and the racing industry."

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