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Paulick Report: -- ‘We Believe In The Future Of Horse Racing’: Belinda Stronach Outlines Plans For Company’s Assets

While the lawsuit filed Oct. 1 by Frank and Elfriede Stronach against their daughter Belinda over her management of the family's privately held business and various trusts plays out in Ontario Superior Court in Canada, Belinda Stronach and the management team she has assembled at The Stronach Group are moving forward with strategic, long-range plans for the company's assets.
 
Those assets include some of horse racing's most valuable properties: Gulfstream Park in Florida, Laurel Park and Pimlico in Maryland, Santa Anita and Golden Gate Fields in California, training centers in Maryland and Florida, totalizator company AmTote and its historical horse racing wagering brand PariMAX, and the advance deposit wagering company Xpressbet.
 
The lawsuit alleges mismanagement by Belinda Stronach, who in 2013 succeeded her father to become chairman of The Stronach Group, and by Alon Ossip, who served as the company's chief executive officer under the chairmanship of both Frank and Belinda Stronach. Belinda Stronach said the charges will be proven “untrue” while a spokesman for Ossip said the allegations are “baseless.” A second lawsuit, filed against Belinda Stronach and Ossip by Belinda's younger brother, Andrew, is similar in nature to the suit filed by the elder Stronach, who built the family's fortune through an automobile parts business, Magna International. Both suits allege liquidity issues within The Stronach Group.
 
The lawsuits come at a time when The Stronach Group's primary racing properties are experiencing across-the-board growth. The company has been renovating Laurel Park with an eye toward hosting a future Breeders' Cup. Gulfstream Park has created a major racing event, the Pegasus World Cup, which will have its third running Jan. 26, 2019. Santa Anita and Golden Gate Fields reported gains in pari-mutuel wagering in their recent meetings after being stagnant for a number of years.
 
A former member of Parliament in Canada and CEO of the automobile company Magna International, Belinda Stronach and Tim Ritvo, chief operating officer of The Stronach Group's Racing & Gaming division, recently sat down with Paulick Report publisher Ray Paulick to discuss the present and future of both The Stronach Group and horse racing.
 
 
 

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