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Stronach Takes Control Of US Racetracks

Thursday, 3rd February 2011

In the US, Frank Stronach "will take control of the racetrack assets of MI Developments in exchange for his family's controlling stake in the real estate company" reported thoroughbredtimes.com. The racetrack assets include Santa Anita Park, Golden Gate Fields, Gulfstream Park, Portland Meadows & interests in the Maryland Jockey Club, XpressBet & AmTote. Stronach "will operate those assets independent of MI Developments, though that company will contribute cash toward the operation of those assets until the closing of the reorganisation proposal". The formal valuation of the racetrack assets of which Stronach is taking control "is between US$585 million & US$730-million. MI Developments "had taken control of the racetrack assets in 2010 when Magna Entertainment Corp dissolved following bankruptcy"; both MI Developments & Magna Entertainment "had been spun off automotive parts manufacturer Magna International". Stronach (who won the US Eclipse Award as outstanding breeder for 2010) founded all 3 companies.

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