History
Two years before the Preakness was run for the first time, Pimlico introduced its new stakes race for three-year-olds, the Preakness, during its first-ever spring race meet in 1873. Former Maryland Governor Oden Bowie named the then mile and one-half (2.41 km) race in honor of the colt Preakness from Milton Holbrook Sanford's Preakness Stables in Preakness, Wayne Township, New Jersey, who won the Dinner Party Stakes on the day Pimlico opened (October 25, 1870). The New Jersey name was said to have come from the Native American name Pra-qua-les ("Quail Woods") for the area. After Preakness won the Dinner Party Stakes, his jockey, Billy Hayward, untied a silk bag of gold coins that hung from a wire stretched across the track from the judges’ stand. This was the supposed way that the “wire” at the finish line was introduced and how the awarding of “purse” money came to be.
The first Preakness, held on May 27, 1873, drew seven starters. John Chamberlain's three-year-old, Survivor, collected the $2,050 winning purse by galloping home easily by 10 lengths. This was the largest margin of victory until 2004, when Smarty Jones won by 11 1/2 lengths.
In 1890 Morris Park Racecourse in the Bronx, New York hosted the Preakness Stakes after which there was no race run for three years. For the 15 years from 1894 through 1908, the race was held at Gravesend Race Track on Coney Island, New York. In 1909 it returned to Pimlico.
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.
Read more about this topic: Preakness Stakes
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