Frank Stronach's MI Developments, which bought Pimlico Race Course out of the bankruptcy proceeding of another Stronach company, Magna Entertainment, formally agreed not to move the Preakness Stakes out of Maryland, state and Baltimore officials said.

The future of the Preakness, second gem in horse racing's triple crown, was thrown in doubt by Magna's bankruptcy and the prospect of an out-of-state company buying the assets.

Ultimately, however, Pimlico stayed in the control of Canadian businessman Stronach, who has owned it for years.

In any event Maryland holds statutory authority to block a Preakness move.