The litigation between Frank and Elfriede Stronach, Belinda Stronach, Frank and Nicole Walker, Alon Ossip and Stronach Consulting Corp. has been dismissed by the Ontario Superior Court of Justice as the result of a settlement, The Stronach Group announced in a statement issued Thursday.
Belinda Stronach will remain Chairman and President of The Stronach Group with full control of all of the company’s racing, gaming, real estate and related assets, including the new 1/ST brands.
Frank and Elfriede Stronach, through their own personal entity, will take control and ownership of the Thoroughbred stallion and breeding business, including Stronach Stables. This includes all farms and horses operating under the Adena brand in Florida, Kentucky and Ontario; the cattle 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. Frank and Elfriede Stronach will not longer have any interest in the The Stronach Group.
“I am glad that our disagreements have been resolved amongst ourselves and have utmost confidences in The Stronach Group’s Thoroughbred racing and gaming businesses, which will remain under Belinda’s management,” Frank Stronach said.
“I am pleased that my father will be able to focus on an agricultural business and related projects that are his passion,” Belinda Stronach said. “This settlement will allow The Stronach Group to continue building successful companies with quality jobs that contribute to the community.