Report: Churchill Downs makes ‘overture’ to buy Pimlico

Churchill Downs Inc. made an "overture" to buy Pimlico, home of the Preakness Stakes.

The development was reported by the Baltimore Banner, which cited two sources in the state capital who are familiar with the negotiations.

Current plans called for Stronach Group to donate Pimlico to Maryland state government in a deal that would close around June 1, the Banner reported last month. Maryland would take ownership of the property by July 1 and would take over racing operations on Jan. 1.

Legislation was being fast-tracked to enable the transaction, which would involve the state issuing as much as $400 million in bonds to renovate Pimlico and build a new training center.

One of the sources told the Banner that Churchill has been lobbying to derail the bill.

Craig Fravel, executive vice chairman of Stronach's 1/ST Racing and Gaming, said there was no pending offer from Churchill Downs and that Stronach is not in negotiations with the company.

Horse Racing Nation requested a comment from CDI but had not received a response.