Maryland Thoroughbred Racetrack
Operating Authority Issues Reports

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 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 Preakness Stakes and Black-Eyed Susan Stakes and related festivals, will be working with the MTROA to implement terms for the use of these assets in the short and long term. This will ensure 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 Stakes under a license to MTROA.

“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. “We want to thank the Maryland Thoroughbred Racetrack Operating Authority for working closely with our team, and for recognizing our investments in these assets. We look forward to a successful racing season in 2024 as we finalize the details of an agreement that will continue The Stronach Group’s and the Maryland Jockey Club’s positive relationship with Maryland racing for years to come.”

“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. “We appreciate the productive dialogue and partnership with The Stronach Group during this process, and we look forward to working together to deliver a first-class experience for racing fans in Maryland and across the country.”