When the Colts left Baltimore in 1983, many people in the state, especially the sports fans, fell into a deep depression. The loss of prestige took a long time to recover from.
The Colts left because the state and city would not build a new stadium. Then the state and city changed course decided to fund a new stadium by using revenue bonds in order to have the Cleveland Browns transfer their franchise to Baltimore, which left Cleveland because they would not build a new stadium.
If the Preakness leaves the Baltimore, there will be no possibility of replacing it with a new franchise (