Report: Maryland could own Pimlico on July 1

Plans for Stronach Group to donate Pimlico to Maryland state government are progressing, and a deal could close around June 1.

The Baltimore Banner reported that the state would take ownership of the property by July 1 and would take over racing operations on Jan. 1 through a nonprofit entity.

Legislation is being fast-tracked to enable the transaction, according to the report.

The state will be authorized to issue up to $400 million in bonds to renovate Pimlico and build a new training center, according to the report, an increase from an earlier proposal that allotted $375 million to rebuild both Pimlico and Laurel Park.

Stronach will continue to own Laurel Park, which will host racing while Pimlico is being rebuilt, according to the report.

Three options have been identified as a site for the new training center, according to the report. They are a closed training track owned by Stronach in Bowie, Mitchell Farm in Harford County and Shamrock Farm in Carroll County.

The Stronach Group and The Maryland Jockey Club issued the following statement from Craig Fravel, executive vice-chairman of 1/ST Racing & Gaming.

“Since the announcement in early January, which outlined a framework for an agreement in principle between The Stronach Group, The Maryland Jockey Club and the Maryland Thoroughbred Racetrack Operating Authority, the parties have engaged in extensive negotiations directed at finalizing a comprehensive agreement. That agreement aims to secure a sustainable future for the Maryland Thoroughbred racing industry and ensure the successful operation of Pimlico Race Course and the Preakness in Baltimore.

"We thank Greg Cross (chairman of the Maryland Thoroughbred Racetrack Operating Authority) and the MTROA board. We look forward to the legislative consideration process and collaborating with the MTROA and Maryland stakeholders to usher in a new era for racing in the state.”