The Stronach Group has entered into a 'binding commitment' to donate Pimlico Race Course to the state of Maryland, a move that will allow the state to take over operations at the track, the Baltimore Banner reported Thursday afternoon.
According to the report, the transfer could occur as early as this summer, per state officials, with the state taking over racing operations in 2025.
The report says that the transfer will enable the state of Maryland to earmark hundreds of millions of dollars towards modernizing the track as well as the construction of a new training center at a location yet to be determined. On Thursday, a bill was introduced in the Maryland General Assembly that would pave the way for the construction and for the state to run racing in the state on a daily basis.
“This is a new day … We get to bet on ourselves. We're going to control our own destiny,” said Baltimore attorney Greg Cross, who heads a state authority that came up with the plan and negotiated the deal with The Stronach Group, told the Banner.
The Stronach Group and The Maryland Jockey Club issued the following statement from Craig Fravel, Executive Vice-Chairman, 1/ST RACING & GAMING.
“Since the announcement in early January, which outlined a framework for an agreement in principle between The Stronach Group, The Maryland Jockey Club (MJC), and the Maryland Thoroughbred Racetrack Operating Authority (MTROA), the parties have engaged in extensive negotiations directed at finalizing a comprehensive agreement. That agreement aims to secure a sustainable future for the Maryland Thoroughbred racing industry and ensure the successful operation of Pimlico Race Course and the Preakness in Baltimore.
“We thank Greg Cross and the MTROA board. We look forward to the legislative consideration process and collaborating with the MTROA and Maryland stakeholders to usher in a new era for racing in the State.”
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