Frank Stronach

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Frank Stronach Template:Post-nominals (born 6 September 1932) is an Austro-Canadian billionaire businessman and politician.

File:Frank Stronach 2.jpg

Frank Stronach (2013)

He is the founder of Magna International, an international automotive parts company based in Aurora, Ontario, Canada, Granite Real Estate, and the Stronach Group. With an estimated net worth of $C3.06 billion (as of December 2017), Stronach was ranked by Canadian Business as the 31st richest Canadian.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In 2011, he entered Austrian politics, founding the Stronach Institute to campaign for a flat tax<ref name=":0">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> and lowering national debt.<ref name=":0" /> In 2012, he founded the political party Team Stronach for Austria.

In 2024 he was arrested by Peel Regional Police and charged with 13 offences, including rape, indecent assault on a female, eight counts of sexual assault and one of forcible confinement, involving 10 alleged victims.<ref>Template:Cite news</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref> Police allege that the sexual assaults spanned from the 1970s to 2023.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In October 2024, Magna International conducted its own records review responding to Peel Regional Police. His counsel, Brian Greenspan, however, stated that Stronach denied all the accusations in at least 18 pending sexual assault complaints.<ref>Template:Cite news</ref> Stronach also faces a civil suit from Jane Boon, who alleges he sexually assaulted her when she was a teenaged co-op student working at Magna in 1986.<ref>Lawsuit Alleges Frank Stronach Sexually Assaulted Co-op Student After Company Party</ref>

Early life and family

Stronach was born as Franz Strohsack in Kleinsemmering, Styria, Austria, to working-class parents of Croatian heritage.<ref>http://webarchive.nationalarchives.gov.uk/20130502205454/http://toronto.jnf.ca/images/FrankStronach_invite%2Dweb.pdfTemplate:Dead link</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

He married Elfriede Sallmutter, a fellow Austrian. She died in Canada on March 25, 2024 at the age of 80.<ref>Template:Cite news</ref> They have two children: Belinda Stronach, a former Liberal (and previously Conservative) MP and former CEO of Magna, and Andrew Stronach, who is involved in Thoroughbred horse racing, via the Adena Springs Farms breeding operations. His grandchildren include electronic musician Frank Walker.

Business career

In 1956, Stronach started his first business, Multimatic Investments Ltd., in the old manufacturing district of Toronto. In 1969, his firm acquired its first automotive parts contract and merged with Magna Electronics. In 1973, the company's name was changed from Multimatic Investments Ltd. to Magna International Ltd.

He resigned as chairman of the board of Magna in May 2011 after approval of a $863-million (U.S.) deal to buy out the multiple voting shares with which he controlled the company. He no longer plays any role in the company.<ref>https://www.theglobeandmail.com/globe-investor/frank-stronach-steps-down-from-magna-board-chairmanship/article5084693/</ref>

On October 1, 2018, he and his wife Elfriede filed a lawsuit against their daughter Belinda, their grandchildren Nicole and Frank Walker, and Alon Ossip for failure to honour commitments regarding the management of The Stronach Group (TSG), from which Stronach resigned in 2013 when he ran for office in Austria.[4] The Stronach Group is separate from Magna with thoroughbred horse racing and parimutuel gambling at its main areas of business. The settlement of the lawsuit was announced on August 13, 2020. As part of the settlement, Stronach and Elfriede will assume full control and ownership of a stallion and breeding business, all farm operations in North America, and all European assets. Belinda Stronach retains full control of The Stronach Group's horse racing, gaming, real estate and related assets.<ref name="auto">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Other ventures by Stronach over the years include the "As Prime Minister, I Would…" symposium, the Fair Enterprise Institute think tank, the business magazine Vista, Frank's Energy Drink, and the beef ranch operations of Adena Farms.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>

Thoroughbred horse racing

In 2011, Stronach along with his daughter Belinda Stronach, founded The Stronach Group, a horse racing, entertainment and pari-mutuel wagering technology company. The Stronach Group horse racing industry brands include; Santa Anita Park, "The Great Race Place"; Pimlico Race Course, home of the Preakness Stakes; Gulfstream Park, one of Florida's entertainment destination centers, and home to the $16-million Pegasus World Cup Invitational, the world's richest Thoroughbred horse race; Laurel Park; Golden Gate Fields; Portland Meadows; and Rosecroft Raceway. The Stronach Group is in pari-mutuel technology through its subsidiaries AmTote and Xpressbet and is a distributor of horse racing content to audiences through Monarch Content Management. A settlement to the lawsuit launched by Stronach on 1 October 2018, was announced on 13 August 2020. As part of the settlement, Stronach assumes full control and ownership of a stallion and breeding business, all farm operations in North America, and all European assets while Belinda Stronach retains full control of The Stronach Group's horse racing, gaming, real estate and related assets. Stronach no longer plays a role in The Stronach Group.<ref name="auto"/>

Among his early successes was his partnership with Nelson Bunker Hunt in the filly Glorious Song who was voted the 1980 Sovereign Award for Canadian Horse of the Year.

His horses have won the Queen's Plate in 1994 and 1997, the Belmont Stakes in 1997, and the Preakness Stakes in 2000. His horse Ghostzapper won several major races including the 2004 Breeders' Cup Classic, was voted the Eclipse Award for Horse of the Year, and named the World's Top Ranked Horse for 2004. In Canada, Stronach and/or his Stronach Stables has won the Sovereign Award for Outstanding Owner nine times. In the United States, he earned the Eclipse Award for Outstanding Owner in 1998, 1999, and 2000. In 2000, he won the Eclipse Award for Outstanding Breeder. He subsequently established Adena Springs Farms which owns horse breeding farms in Kentucky, Florida and Canada and won the Eclipse Award for Outstanding Breeder in 2004, 2005 and 2006. Template:Citation needed

Politics

In the 1988 Canadian federal election, Stronach was the Liberal candidate in York—Simcoe, receiving 35% of the vote to place second to Progressive Conservative winner John E. Cole.

In 2011, Stronach entered Austrian politics, proposing the establishment of a new political party: a "Citizens' Alliance" advocating tax, health, and education reform.<ref>Template:Cite news</ref> In November 2011, he called for an 'intellectual revolution' in Austria, suggesting that he would be willing to fund a student-led political party.<ref name="Frank Stronach krempelt die Armel">Template:Cite news</ref>

Stronach's plans to form a new party gained prominence in 2012. He called for a flat tax of 20%, a reduction in bureaucracy by 10% over five years, and a balanced budget.<ref name="Stronach will Flat Tax">Template:Cite news</ref> Stronach argued that Austria should stay in the EU, but that the euro was a 'monstrosity'.<ref>Template:Cite news</ref>

His programme was compared to the Alliance for the Future of Austria (BZÖ); Stronach had admired the BZÖ's leader Josef Bucher as the only politician in Austria that represented economic liberalism.<ref>Template:Cite news</ref> This led to suggestions that Stronach would take over the BZÖ ahead of the 2013 elections so as to give his movement seats in Parliament.<ref>Template:Cite news</ref>

The new party, called Team Stronach, was launched in September 2012.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> Four MPs – Gerhard Köfer of the Social Democratic Party, Elisabeth Kaufmann-Bruckberger of the BZÖ and independents Robert Lugar and Erich Tadler agreed to join the party.<ref>Template:Cite news</ref> The endorsement of at least three members of the National Council was required for a party to compete in general elections (alternatively, a quorum of 2,600 signatures in support of the party's candidacy have to be collected).<ref>Template:Cite news</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Hurricane Katrina

On 6 September 2005, Stronach announced that he and Magna International were committing $2 million to start a model community<ref>Template:Cite journal</ref> for people displaced by Hurricane Katrina.<ref>Template:Cite news</ref> The Toronto Star reported that "Magna Entertainment Corp.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> (a gambling and racing business<ref>Template:Cite news</ref> once the world’s largest owner of race tracks<ref>Template:Cite news</ref>) is [currently] providing housing for about 260 evacuees from the New Orleans area at a racetrack training facility in Palm Beach County, Florida and will move them to a new community in November. Auto-parts giant Magna International Inc. and MEC are scouting for about Template:Convert in an area of Baton Rouge in Louisiana to set up trailers and infrastructure. "[W]e would like to build a small community where we would try to be sponsors for the next five to seven years", Stronach said in an interview with The Star.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}Template:Dl</ref>

Honours

In 1999, Stronach was made a Member of the Order of Canada.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

External links

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