Statement From The Stronach Group Regarding Settlement Of Litigation
TORONTO, Aug. 13, 2020 /PRNewswire/ -- The Stronach Group is pleased to announce that all of the litigation between Frank and Elfriede Stronach and Belinda Stronach, Frank Walker and Nicole Walker, Alon Ossip and Stronach Consulting Corp. has been dismissed by the Ontario Superior Court of Justice as a result of a settlement agreed to by the parties.
Belinda Stronach will continue in her role as Chairman and President of The Stronach Group and with full leadership and control of the company's world-class Thoroughbred racing, gaming, real estate and related assets. This includes all businesses under The Stronach Group's consumer-facing brand, 1/ST: 1/ST RACING; 1/ST TECHNOLOGY; 1/ST LIVE; 1/ST PROPERTIES, and; 1/ST HORSE CARE. (A full list of the 1/ST brands can be found below).
Frank and Elfriede Stronach, 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 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 Stronach will no longer have any interest in The Stronach Group.
Belinda Stronach said, "I am pleased that my father will be able to focus on an agricultural business and related projects that are his passion. The settlement will allow The Stronach Group to continue building successful companies with quality jobs that contribute to the community."
Frank Stronach commented, "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."
The parties will not be providing any additional comments.
1/ST BRANDS
1/ST RACING's premier racetracks and training centers include: Santa Anita Park, Golden Gate Fields and San Luis Rey Downs (California); Gulfstream Park – home of the Pegasus World Cup Championship Invitational Series, Gulfstream Park West and Palm Meadows (Florida); and the Maryland Jockey Club operating as Laurel Park, Pimlico Race Course - home of the legendary Preakness Stakes, Rosecroft Raceway and Bowie Training Center (Maryland).
1/ST TECHNOLOGY's businesses include: AmTote, Xpressbet, 1/ST BET, XB SELECT, XB NET, PariMAX, Betmix, Monarch, Elite and XBTV brands.
1/ST LIVE delivers the entertainment and elevated hospitality experience for the company's premier live events including, InfieldFest at the Preakness and the Pegasus LIV Stretch Village at the Pegasus World Cup Championship Invitational Series.
1/ST PROPERTIES is responsible for the development of the company's live, work and play communities surrounding its racing venues including, The Village at Gulfstream Park (Florida) and Paddock Pointe (Maryland).
1/ST HORSE CARE represents The Stronach Group's commitment to achieving the highest level of horse and rider care and safety standards in Thoroughbred racing on and off the track.
About The Stronach Group
The Stronach Group is a world-class technology, entertainment and real estate development company with Thoroughbred racing and pari-mutuel wagering at the core. The company's consumer facing brand 1/ST (pronounced "First") powers The Stronach Group's forward-thinking 1/ST Racing, 1/ST Technology, 1/ST Live and 1/ST Properties businesses, while advocating for and driving the 1/ST Horse Care mission. 1/ST represents The Stronach Group's continued movement toward redefining Thoroughbred racing and the ecosystem that drives it. 1/ST Racing drives the best-in-class horse racing operations at the company's premier racetracks and training centers including: Santa Anita Park, Golden Gate Fields and San Luis Rey (California); Gulfstream Park – home of the Pegasus World Cup Championship Invitational Series, and Gulfstream Park West (Florida); the Maryland Jockey Club at Laurel Park, Pimlico Race Course - home of the legendary Preakness Stakes, Rosecroft Raceway and Bowie Training Center (Maryland). 1/ST Technology is horse racing's largest racing and gaming technology company offering world-class products via its AmTote, Xpressbet, 1/ST BET, XB SELECT, XB NET, PariMAX, Betmix, Monarch and XBTV brands. 1/ST Live blends the worlds of sports, entertainment and hospitality by delivering uniquely curated events such as InfieldFest and Pegasus LIV Stretch Village. 1/ST Properties is responsible for the development of the company's live, work and play communities surrounding its racing venues including, The Village at Gulfstream Park (Florida) and Paddock Pointe (Maryland). As the advocate for critical industry reforms and by making meaningful investments into aftercare programs for retired horses and jockeys, 1/ST Horse Care represents The Stronach Group's commitment to achieving the highest level of horse and rider care and safety standards in Thoroughbred racing on and off the track. For more information please visit www.1st.com.
Media Contacts:
Tiffani Steer, [email protected]
Peter Block, [email protected]
SOURCE The Stronach Group
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