"The city of Baltimore and the owners of the historic but dilapidated Pimlico Race Course have come up with a way to keep the prestigious Preakness Stakes at the 149-year-old track in Northwest Baltimore. ... Now, The Stronach Group has pledged to donate the land to the city or an entity created by the city for development in and around the track. Pimlico’s antiquated grandstand and clubhouse would be demolished. A new clubhouse would be built and the track rotated 30 degrees to the northeast to create nine parcels of land that could be sold for private development."

"In all, Pimlico would receive $199.5 million as part of the project. Training and stable operations would be consolidated at The Stronach Group’s track at Laurel Park in Anne Arundel County, which would receive $173.4 million for improvements. The Stronach Group would look to divest itself of the Bowie Training Center. Baltimore city and state legislative leaders hailed the plan as one that would keep the 144-year-old race, the second leg of racing’s Triple Crown, at its longtime home."