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A family feud that tore apart one of Canada’s richest families was settled by the split of the company that owns some of America’s most famous racetracks.
Frank Stronach and his daughter Belinda Stronach said on Thursday they had ended a long and public battle for control of the family business. Belinda will take control of the Stronach Group’s thoroughbred racing and gaming operations, which include Santa Anita Park and Gulfstream Park, as well as related real estate.
Frank Stronach and his wife, Elfriede Stronach, will take full ownership of a thoroughbred stallion and breeding business, including the Stronach stables, and farms in Florida, Kentucky and Ontario. They will no longer have any interest in the Stronach group.
In October 2018, Frank Stronach sued Belinda and others, including Stronach Group CEO Alon Ossip, for C $ 520 million ($ 393 million), alleging mismanagement of family wealth. The lawsuit accused her of spending a lot of money on the company’s tab.