Key facts
- New series
- Six-race thoroughbred championship series announced by Churchill Downs and New York Racing Association
- Schedule
- Starts with Kentucky Derby on May 1, then Belmont in New York in June; no Preakness or Pimlico race
- State ownership
- Maryland matched Churchill Downs' $85 million offer for Preakness intellectual rights
- Neighbor reaction
- Residents call it devastating and a big loss for the city
- Economic concern
- Dr. Daraius Irani warns of long-term implications and diminished value
- Upcoming announcement
- Governor Wes Moore to hold press conference Wednesday
Background
Gregory Yarberough, who lives across the street from Pimlico, has watched renovations at the track and imagined the future of the Preakness. He called it 'a crowning jewel for the city.'
Other neighbors also highlighted the benefits of the Preakness over the years. Clive Owens, a business owner across from Pimlico, recalled that during the Preakness the area was packed and he gained many customers. Vernal Harrell, another neighbor, said the event brought jobs to young people and allowed him to meet people from different countries, states, and cities.
Current situation
On Monday, Churchill Downs and the New York Racing Association announced a new six-race thoroughbred championship series, starting with the Kentucky Derby on May 1 and then jumping to the Belmont in New York in June. The schedule does not include the Preakness or any race at Pimlico.
Neighbors expressed devastation and disappointment. Yarberough said it is 'very, very devastating and disappointing for everybody in this neighborhood as well as the city as a whole.' Owens added that the Triple Crown has always been a crown in racing, and losing the Preakness would be a 'big, big loss for the city.'
Dr. Daraius Irani, chief economist for the Regional Economic Studies Institute at Towson University, worried about the economic impact. He said the announcement could 'put an end' to the Preakness or diminish it significantly, with long-term implications.
| Item | Value |
|---|---|
| Churchill Downs offer | $85 million |
| Kentucky Derby date | May 1 |
| Belmont location | New York |
| Belmont month | June |
Impacts
The exclusion of the Preakness from the new series could reduce the excitement of the event and deter top-rated horses from participating, according to Dr. Irani. This could diminish the economic benefits that the race brings to the city and the neighborhood.
The state of Maryland now owns the intellectual rights to the Preakness after matching Churchill Downs' $85 million offer. Dr. Irani noted that the announcement by Churchill Downs may push down the value of that investment, as the asset could be decreasing in value.
Future outlook
Scenario analysis: The possibilities below are not certain predictions.
Governor Wes Moore announced he will host a press conference on Wednesday and make a major announcement about the Preakness. The outcome of that announcement could clarify the race's future.
If the Preakness is not included in the new championship series, it may lose prestige and economic impact, but if the state can leverage its ownership of the rights, the race could still thrive. Dr. Irani described a 'wait-and-see attitude' regarding what will happen.
Source: wbaltv.com
