Maryland has already acquired two racetracks from 1/ST Racing and taken over the state’s racing operations. Now it has formally closed a deal to pay the Canadian company $85 million for ownership of the Preakness Stakes’ intellectual property.

The purchase comes six weeks after Gov. Wes Moore’s administration first sought to buy the branding — exercising its first right of refusal in matching an offer that racing industry giant Churchill Downs Inc. had made to 1/ST, also known as The Stronach Group.

The completed purchase punctuates a transition of local thoroughbred racing assets from 1/ST to the state.

“The Preakness Stakes is a cornerstone of Maryland’s history, culture, and economy — so our administration is dedicated to preserving our state as a key power player in the Triple Crown for generations to come,” Moore said in a statement.

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The intellectual property is a valuable asset. Without it, the Maryland Jockey Club, the state-created nonprofit operator of racing, could not brand the Triple Crown race as the Preakness.

Maryland reached a deal two years ago to pay 1/ST an annual fee — about $6 million in today’s dollars — in perpetuity.

But, in April, Churchill Downs Inc., which runs the Kentucky Derby, announced a deal to acquire the rights and license them back to Maryland.

Now the state will use bonds issued by the Maryland Economic Development Corp., a quasi-governmental agency, to fund the payout. The Maryland Jockey Club will pay $6 million to $7 million a year for the next 30 years, totaling about $200 million, to pay off those bonds.

The state recently paid $48.5 million to 1/ST Racing for Laurel Park, which operates as a racetrack but will soon become a training center. That marked a switch from an initial plan to build the training facility in Carroll County.

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Turning Laurel Park into a training center and the ongoing rebuild of Pimlico Race Course are expected to cost the state more than $500 million.

Next year’s Preakness is projected to take place at a still-under-construction Pimlico. Much of the seating and other necessary infrastructure will be temporary. By 2028, though, state officials project the venue to be finished — after decades of discussion and delays.

Maryland Jockey Club President Bill Knauf said this week at a community event that, although estimates are preliminary, next year’s Preakness is expected to host about 20,000 spectators.

“With all assets now residing with the State, we will work closely with the Maryland, Baltimore and Park Heights business communities to showcase the Preakness on the national stage,” Knauf said in a statement Thursday.

The race has historically been run on the third Saturday in May, two weeks after the Kentucky Derby, but it could be pushed back a week to allow horses more time to recover.