Local leaders in Baltimore have reached a deal with the owners of Pimlico Race Course to keep the Preakness from leaving town, according to the Baltimore Sun.
The deal, which has been four months in the making, comes after tensions between city leaders and the Pimlico owners, the Stronach Group, over a number of issues including money for improvements.
- Pimlico negotiating team says ‘substantial progress’ made in talks
- Horse racing: New phase of negotiations aims to keep Preakness at Pimlico
- Baltimore, Stronach Group form negotiating team for future of Pimlico
The concerns led the owners of the track to announce next year would be the last Preakness at Pimlico, but in the new deal, the owners have agreed to donate the land in and around the track to the city for development. The Stronach Group will then sign a lease to operate the course for the Preakness two months out of the year.
Some of the changes include building new club house and rotating the track 30 degrees to make land available for private development. Construction is expected to begin once the plans are approved by the legislature and will take three to four years.
Pimlico will receive $199.5 million as part of the deal.
The Preakness will continue to take place at Pimlico during construction.
