Belinda will continue to run TSG’s horse racing/real estate holdings and businesses tied to the propertiesGETTY IMAGES
FRANK STRONACH and his daughter, BELINDA, ended an "often-acrimonious three-year battle for control of a billion-dollar family business" late last week, "agreeing to split their real estate, horse racing and farming businesses," according to Andrew Willis of the GLOBE & MAIL. Frank had sued Belinda for "control of the family company -- The Stronach Group or TSG -- after she cut off funding" in '17. She countersued, "alleging her father’s 'unsound business decisions' on a series of investments" translated into $800M in losses from an estate that was worth $1.6B eight years ago. The family "reached an agreement" that will see Belinda "continue to run TSG’s horse racing and real estate holdings along with entertainment and gaming businesses tied to the properties." Frank and his wife, ELFRIEDE, "will take ownership of the family’s thoroughbred stables in Florida, Kentucky and Ontario, the farm businesses, a Florida golf course and investments in Europe." Going forward, the couple "will no longer have any interests in TSG." With the lawsuits largely resolved, sources said that Belinda is "focused on building a horse-racing business that was already facing significant challenges before the novel coronavirus" (GLOBE & MAIL, 8/14).
