Preakness Stakes was known as the Preakness Handicap. In March 2009 Magna Entertainment Corp., which owns Pimlico, filed for Chapter 11 bankruptcy thus throwing open the possibility the Stakes could move again. On April 13, 2009, the Maryland Legislature approved a plan to buy the Stakes and the Pimlico course if Magna Entertainment cannot find a buyer. Attendance at the Preakness Stakes ranks second in North America and usually surpasses the attendance of all other stakes races including the Belmont Stakes, the Breeders' Cup and the Kentucky Oaks. The attendance of the Preakness Stakes typically only trails the Kentucky Derby, for more
1973 Belmont Stakes meant he completed the Triple Crown of Thoroughbred Racing. This was significant as he was the ninth horse to complete the feat and broke a 25-year drought where a horse failed to complete the achievement. Secretariat, Sham, Pvt. Smiles, and My Gallant were the first four horses to be entered into the Belmont Stakes. Secretariat, winner of both the Kentucky Derby and the Preakness Stakes, was the odds on favorite to win the event. The added distance of the Belmont when compared to the Derby and Preakness was found to be one potential reason for Secretariat to lose the race.