BALTIMORE — The sport of kings has been reduced to pauper status in Maryland, where live racing was on the verge of collapse before receiving temporary resuscitation.

Laurel Park and Pimlico Race Course, home of the prestigious Preakness Stakes, were ready to shut down before Gov. Martin O’Malley orchestrated a deal last week that includes state bailout money and a contribution of $1.7 million from breeders and horse owners.

The deal assured that there will be 146 days of live racing in 2011.

The long-term future of the sport in Maryland, however, remains as uncertain as a trifecta bet that includes a pair of long shots.

Any plan will have to include the major players overcoming differences and agreeing on how to manage tracks, finding new revenue streams and making racing more appealing to fans year-round.

On Preakness Day, Pimlico is usually packed with nearly 100,000 fans. Women wear festive hats, the betting windows have long lines and each race offers a variety of choices.

On virtually every other day of the year, no more than a dozen people line up along the rail to watch the horses run, and most of those races are unappealing to avid betters.

Joseph Bryce, O’Malley’s chief legislative officer and a key figure in brokering last week’s deal, said the state will be closely involved with working out a plan because horse racing in Maryland involves thousands of jobs and the Preakness is a huge moneymaker.

“I don’t see the state being able to just throw up its hands and walk away,” Bryce said.