There is still reason for state concern. The Maryland-based properties "are still part of the bankruptcy case and nothing means they won't be sold later," said Joel L. Perrell Jr., a lawyer and bankruptcy expert with Miles & Stockbridge who teaches at the University of Maryland School of Law.
The Preakness, which began before the Kentucky Derby, is the state's largest annual sporting event and helps support Maryland's thoroughbred industry for the rest of the year. O'Malley says the industry generates more than 20,000 jobs and has an annual economic impact of $1.5 billion.
Several buyers have expressed interest in Maryland tracks, including Baltimore developer David S. Cordish.
The governor said in an interview that he would welcome a variety of buyers as long as the Preakness, which he called "a rite of spring," remains in the state.
"I think we're agnostic on ownership, but not on location," O'Malley said. "We're going to do everything in our power to keep it in Maryland. If the state has to step up [to seize the tracks], that's what we'll have to do."
In April, the General Assembly authorized the governor to use eminent domain in hopes that Maryland could seize the Preakness and the Maryland tracks if necessary to protect the state's interests. That authority, however, might not hold much weight in bankruptcy court.
In the Assembly's collective memory, O'Malley said, was the specter of the Baltimore Colts leaving for Indianapolis in the middle of the night in 1984.
Magna officials did not return calls seeking comment. The company has lost $638 million since 2002. Magna listed assets of $1.05 billion and liabilities of $959 million in bankruptcy court.
Besides its economic benefits, the Preakness is integral to the state's identity. The state seal has an image of a horse.
The Preakness is replete with Maryland-rich tradition. "Maryland, My Maryland" is sung before the race. A blanket of black-eyed Susans is draped over the winning horse, and a replica of the Woodlawn Vase is given to the winning owner.
Lang, 82, who earned the nickname "Mr.Preakness" for years of colorful stunts promoting the race, could barely fathom the city losing the event and all its traditions.
John Servis, who trained 2004 Preakness winner Smarty Jones, says he particularly enjoys one Preakness rite. It is customary that a Pimlico weather vane is painted the colors of the winning horse's silks as soon as the race is complete.
Servis said he remembers the moment when the weather vane - in the image of a horse and rider - was painted in the blue and white of Smarty's owner, Roy Chapman, who died in 2006.
"I pointed to it and said to him [Chapman], 'That's what it's all about,' " Servis said.
