Laurel Park had been set to shutter. Suddenly, though, the historic racetrack in Anne Arundel County has new life.

As part of the umpteenth plan to revitalize Maryland’s thoroughbred horse racing industry, the state plans to purchase Laurel Park and convert it into a training center, replacing plans to do so at Shamrock Farm in Carroll County.

State officials said Tuesday they have reached a tentative agreement with Stronach Group, the Canadian company that owns Laurel, to acquire the property. The state is expected to pay about $50 million for Laurel, according to three sources familiar with the deal.

“This represents more than a planned acquisition — it represents the preservation of a storied racing facility,“ Maryland Stadium Authority Chair Craig Thompson said in a statement. ”By pursuing Laurel Park as the home of Maryland’s statewide training center, we are creating a path to secure the state’s historic investments into Maryland’s horse industry and develop the next generation of Triple Crown champions.”

This year’s Preakness Stakes — held at Laurel Park while Pimlico Race Course is rebuilt — was supposed to be Laurel’s swan song as a track; instead, it’ll kick off the century-old venue’s next chapter.

The state government’s most recent blueprint had called for Pimlico in Northwest Baltimore to be rebuilt and Shamrock Farm to be transformed into a top-shelf training center using more than $500 million in state funds.