Belinda Stronach Settles Litigation With Father

Litigation between Frank Stronach and his daughter, Belinda, chairman and president of The Stronach Group, has been dismissed by the Ontario Superior Court of Justice as a result of a settlement agreed to by the parties, TSG said in a release.

In the fall of 2018, about two years after Belinda succeeded Frank at the helm of the privately owned racetrack company, a lawsuit was filed by Frank and his wife, Elfriede, alleging mismanagement of assets and trust funds. Others named in the $520 million lawsuit included TSG executive Alon Ossip and Frank's grandchildren, Nicole and Frank Walker.

Frank Stronach Sues Daughter Belinda for Mismanagement

Then in early 2019, Belinda filed a countersuit against her father, an auto-parts magnate and longtime racetrack and horse owner. In her filings, she claimed her father squandered money on a number of failed projects for TSG. The countersuit sought $25 million.

Belinda Stronach Responds to Father's Ontario Lawsuit

According to the release, Belinda will continue in her role for TSG with full leadership and control of the company's Thoroughbred racing, gaming, real estate, and related assets. 

TSG owns racetracks such as Gulfstream Park, Santa Anita Park, Golden Gate Fields, and the Maryland Jockey Club's Pimlico Race Course and Laurel Park.

Frank and Elfriede, through their own personal entity, will assume full leadership, ownership and control of the Thoroughbred stallion and breeding business, including Stronach Stables. This includes all farm operations, horses operating under the Adena Springs brand in Florida, Kentucky and Ontario and cattle located in Florida. Certain Ontario farmlands, certain agricultural assets in Florida, FM Meats, Fort McCoy Ranch by Adena Farms, Adena Golf & Country Club (Ocala) and all European assets are part of this settlement.

Frank and Elfriede will no longer have any interest in TSG, the release said. 

"I am pleased that my father will be able to focus on an agricultural business and related projects that are his passion," Belinda said in the TSG release. "The settlement will allow The Stronach Group to continue building successful companies with quality jobs that contribute to the 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 businesses, which will remain under Belinda's management," Frank said in the TSG release.

According to TSG, the parties will not be providing any additional comments pertaining to the litigation.