We're learning more following Tuesday's announcement that Churchill Downs will be taking over the Preakness brand.During its latest earnings call on Thursday, company executives outlined the deal to acquire the intellectual property rights to the Preakness Stakes, the second leg of the Triple Crown, along with the Black-Eyed Susan Stakes, which takes place the day before. The purchase price is $85 million.However, key details make clear that Maryland will remain firmly in control of the event’s future.The state of Maryland owns Pimlico Race Course and controls racing operations, and it has also approved plans to acquire Laurel Park as part of a broader redevelopment of horse racing in the state. Maryland has already committed more than $500 million in public funding to redevelop both facilities.So what exactly is Churchill Downs buying?Not the racetrack, and not the races themselves.Instead, the company is acquiring the branding and business rights tied to the Preakness. Under the agreement, those rights would be licensed back to the state of Maryland for an annual fee, allowing the races to continue operating as they do now.Churchill Downs would take on the business side of the event, but for now, the company is positioning itself less as an operator and more as a potential partner."We have 300 people that work here in Louisville at the track or in our corporate offices supporting our racetrack, doing construction and design, ticketing, sponsorships, wagering," said Bill Carstanjen, CEO of Churchill Downs Incorporated, during Thursday's call. "We have a real team of experts here that does this on an absolutely world-class level. And certainly those resources and efforts are available to the state if they seek our help and would like our help in any way.""We love that corridor, you know, that D.C., Baltimore, up through Philadelphia corridor," he added. "There are lots of great customers there. There are lots of great potential sponsors and business partners there. So we love that market. We think it's one with a lot of opportunity and we have a lot of ideas. But this is something that the state will have to ask for our help on, and we've begun that dialogue, and we're excited."The deal is expected to close after this year’s Preakness Stakes, scheduled for May 16.