BALTIMORE (AP) - The owners of the historic racetrack that hosts the Preakness Stakes and Baltimore officials have reached an agreement to keep the Triple Crown series' middle jewel in the city.
Baltimore Mayor Bernard "Jack" Young on Saturday announced the deal with The Stronach Group. To take effect, the agreement must be approved by the General Assembly during its next session.
Under the plan, Stronach Group would build a new clubhouse at the dilapidated Pimlico Race Course and demolish the deteriorated grandstand. Training and stable operations would be consolidated at the company's track in Laurel, about 20 miles (32 kilometers) southwest of Baltimore.
The agreement ends the dispute between the operator and the city. Baltimore this year filed and later withdrew a lawsuit asking a court to grant it ownership of the track and race through condemnation.