Preakness Staying Home in Maryland

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    NEWSLETTERS

    AP
    Rachel Alexandra, left, and jockey Calvin Borel, win the 134th running of the Preakness Stakes horse race at Pimlico Race Course on Saturday, May 16, 2009.

    Area horseracing fans can put aside their Preakness worries. The second jewel of the Triple Crown is not going anywhere.

    Maryland Gov. Martin O'Malley and Attorney General Doug Gansler announced a deal that will keep the race in Maryland.

    With Magna Entertainment Corp., the company that owned the race, going through bankruptcy, many were concerned the race might move from Pimlico and out of the state.

    Under the Preakness Covenant, Maryland waived its right of first refusal to buy the stakes race, and the parent company agreed not to move the race -- an agreement binding on the company's successors.

    “The Preakness Covenant will ensure that people of Maryland continue to enjoy this time-honored tradition, and that the State of Maryland and City of Baltimore will continue to realize the economic benefits of this annual event," O'Malley said.

    A bankruptcy judge recently approved Magna's Chapter 11 reorganization plan, but shareholders are appealing the decision.

    This year's race -- the 135th -- will be run May 15, with a week of celebrations leading up to it, including a crab derby, a 5K race, a parade and a balloon launch.