Hopes rise for Preakness Stakes as Stakeholders reach an agreement
Preakness Stakes, which was doomed to abandonment, may just be saved at the eleventh hour by a deal between the Jockey Club and the breeders, trainers and horsemen of Maryland. Joseph Bryce, who is the chief legislative officer
for Governor Martin O’Malley confirmed the report about a tentative deal between the two parties.
O’Malley played a pivotal role in bringing about this negotiation on Wednesday morning between the stakeholders. O’Malley was deeply concerned regarding the future of Preakness when the stakeholders ended the previous meeting on
Tuesday in an acrimonious mood. Right afterwards, O’Malley had issued a statement urging both the parties to work towards a feasible solution in favour of the racecourse.
The owners of Preakness Stakes had proposed a 146-day schedule that called for some serious monetary and other concessions on part of the horsemen, trainers and breeders. This proposal was unanimously rejected by the commission.
The recent agreement that has been brokered has laid out a plan in which the state would have to channel an amount of three million dollars to four million dollars to cover the operating expenses of Laurel Park and Pimlico Race
Course, both the racetracks of Preakness Stakes. This money would be brought in from the state run slot machines.
Further, the Maryland Thoroughbred Horsemen’s Association would also have to pool in cash worth $1.7 million.
As the hopes of all the stakeholders involved have risen because of this recent improvement, there is one final step left before Preakness Stakes once again comes into action. The proposal has not yet been approved by the racing
commission. If it gets the approval, Maryland may have just found the cause for celebration.
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