Maryland Gov. Wes Moore said the state will exercise its right of first refusal to match Churchill Downs Incorporated's $85 million offer for intellectual property of the Preakness Stakes and Black-Eyed Susan Stakes. Churchill Downs announced in April that it was buying the branding from 1/ST Racing with the intent of licensing it back to Maryland annually to stage the race. Moore said the state would fund the cost with a tax-exempt revenue bond that would be paid back by money generated by the Preakness and Black-Eyed Susan.