Belinda Stronach, Frank Stronach settle lawsuits

A series of lawsuits that laid bare a bitter dispute within the family of Frank Stronach have been settled, with Frank receiving control of the family’s agricultural interests and his daughter Belinda taking full control of the operating assets of The Stronach Group, the vertically integrated racing company.

The family announced the settlement on Thursday night, saying that all of the lawsuits related to the dispute have been dismissed by the Ontario Superior Court of Justice due to the agreements. The suits pitted Belinda and a former top executive of The Stronach Group against Frank, his wife, and his son, Andrew.

Under the settlements, Belinda Stronach will remain chairman of The Stronach Group, a position she took in 2016 while her father branched into right-wing Austrian politics. The assets of The Stronach Group that will remain under her control include the company’s racetracks, racing-related companies, casinos, and real estate, according to the announcement.

Frank will “assume full leadership, ownership, and control” of the company’s Thoroughbred stallion and breeding businesses, including Stronach Stables, which has farms in Florida, Kentucky, and Ontario. The settlement also gives Frank title to agricultural companies based in the United States and Europe, the announcement said.

Under the settlement, Frank Stronach and his wife, Elfriede, “will no longer have any interest in The Stronach Group,” the announcement said.

The dispute between the family members burst into view in late 2018 when Frank filed a lawsuit claiming that Belinda and a former CEO of The Stronach Group, Alon Ossip, mismanaged company funds and illegally appropriated control of the family trusts tied to the company. The suit revealed that The Stronach Group, a privately held company, contained 253 separate companies and trusts.

Belinda countered with her own suit, and other family members joined the fray within months. Though the suits revealed disquieting details of the rift within the Stronach family, it did not come as much of a surprise to officials at the company or within the racing community.

“I am glad that our disagreements have been resolved amongst ourselves and have utmost confidence in The Stronach Group’s Thoroughbred racing and gaming business,” Frank Stronach said in a statement.

In the same announcement, Belinda Stronach said that she “is pleased that my father will be able to focus on an agricultural business and related projects that are his passion.”

The announcement said that all parties to the suit would have no comment beyond the statements.

The Stronach Group controls a wide variety of important racing assets, including Santa Anita Park and Golden Gate Fields in California, Laurel Park and Pimlico Race Course in Maryland, Gulfstream Park and an attached casino in Florida, the account-wagering company XpressBet, the bet-processing company AmTote, and the simulcast-marketing company Monarch Content Management.