Frank Stronach

News, Articles, Videos and other content about Frank Stronach

Auction of Santa Anita, Lone Star Withdrawn

Auction of Santa Anita, Lone Star Withdrawn

An auction scheduled Sept. 8 on properties owned by bankrupt Magna Entertainment Corp. will not go forward after the company withdrew Santa Anita Park, Lone Star Park, and other assets from the bidding in court documents filed in U.S. bankruptcy court.

Adena Stallions to Cover on Southern Time

Adena Stallions to Cover on Southern Time

Frank Stronach's Adena Springs announced Aug. 3 that its roster of stallions will cover mares in the Northern Hemisphere on Southern Hemisphere time at both Adena Springs near Paris, Ky., and at Adena Springs South near Williston, Fla.

Bankruptcy Judge: MEC Can Sell Austrian Track

  • News

A bankruptcy court has granted permission for Magna International Corp. (MEC) to sell its track in Austria to a group associated with company founder and chairman Frank Stronach, Bloomberg reported July 30.

El Prado Slowing Down, But Not Done

El Prado Slowing Down, But Not Done

El Prado, who has sired 74 stakes winners, including the hot young stallion Medaglia d'Oro, experienced declining fertility during the 2009 breeding season, but will continue to cover mares in 2010 if he remains healthy, according to Eric Hamelback, who is the general manager of Frank Stronach's Adena Springs operation near Paris, Ky.

Stronach Critical of Certain MID Investors

Magna Entertainment Corp. chairman Frank Stronach criticized certain hedge-fund investors for putting "unwarranted" pressure on the bankrupt racetrack company's parent entity, suggesting May 8 that those antagonists could start their own company if they didn't like what they saw.

Trustee Backs Plan for MEC Examiner

The Office of U.S. Trustee is backing a shareholder's demand to install an independent examiner as an overseer of transactions related to Magna Entertainment Corp.'s bankruptcy reorganization, a move which the horse racing company claims will be detrimental to various interests.

MEC Creditors Criticize Stronach's Role

Joining in the parade of objectors to Magna Entertainment Corp.'s proposed debtor financing and sale of assets is the unsecured creditors committee, which primarily singled out company chairman Frank Stronach for his role in MEC's bankruptcy reorganization process.

Frankly Speaking: Stronach on Magna

Frankly Speaking: Stronach on Magna

Frank Stronach is chairman of Magna Entertainment Corp., a major racetrack operator that filed for Chapter 11 bankruptcy protection March 5. He also is the owner of Adena Springs, which won its fifth consecutive Eclipse Award as outstanding breeder in 2008 while Stronach picked up his fourth Eclipse as outstanding owner. Stronach discussed the MEC bankruptcy with The Blood-Horse following the Adena Springs sale of 2-year-olds in training.

Adena Springs Sale Median Rises 28.6%

Adena Springs Sale Median Rises 28.6%

The Adena Springs sale of 2-year-olds in training bucked the downward trend in the Thoroughbred marketplace in one important statistical category. The median price rose 28.6% from a year ago during the eighth edition of the auction, which was held March 16 at Adena Springs South near Williston, Fla.

Adena Springs Sale Full of Quality

The catalog for the Adena Springs sale of 2-year-olds in training is smaller this year when compared to 2008. But the auction is "full of quality," according to Mark Roberts, the manager of Adena Springs South in Williston, Fla., where the sale will be held March 16, beginning at 4:30 p.m. (EDT).

MID May Dispose of MEC Tracks by 2011

MID May Dispose of MEC Tracks by 2011

The parent company of Magna Entertainment Corp. disclosed March 10 it does not intend to keep on a long-term basis the racing assets upon which it is bidding in MEC's Chapter 11 bankruptcy reorganization, including its "immediate" intention of redeveloping Golden Gate Fields into a commercial property if the bid is successful.

Magna Files for Chapter 11 Bankruptcy

Magna Files for Chapter 11 Bankruptcy

Magna Entertainment Corp. announced March 5 it filed for Chapter 11 bankruptcy protection, and also unveiled a plan to sell many of its assets, including Gulfstream Park in Florida, Golden Gate Fields in California, and Lone Star Park in Texas.

MID Shareholder: Foreclose on MEC Loans

MID Shareholder: Foreclose on MEC Loans

A prominent shareholder is asking MI Developments to foreclose on loans it has with its subsidiary Magna Entertainment Corp., if and when those credit agreements go into default, in hopes of recouping some of its investment in potential bankruptcy reorganization.

National HBPA, Stronach Work on Charter

  • News
National HBPA, Stronach Work on Charter

Magna Entertainment Corp. chairman Frank Stronach is advocating a charter for "horsemen's rights" and said his company, the largest in North America in terms of racetrack holdings, would work with horsemen to accomplish it.

And They're Off: Eclipse Awards Review

  • News
And They're Off: Eclipse Awards Review

Hosted by Lenny Shulman and Steve Haskin, "And They're Off" is a bi-monthly online video series sponsored by Darby Dan Farm. This week, Lenny and Steve review the Eclipse Award winners. Plus, Everybody wants to buy a Derby Winner.

MEC Has Deal to Break From Shareholder

Magna Entertainment Corp. announced Nov. 26 an agreement with MI Developments, the company's controlling shareholder, which will allow it to "recapitalize and reposition MEC to enable it to pursue its strategy of horse racing, gaming, and entertainment on a standalone basis."

Lady Joanne Goes for $1.25 Million

Lady Joanne Goes for $1.25 Million

Adena Springs' Frank Stronach went to $1.25 million to acquire grade I winner Lady Joanne in foal to Mr. Greeley to kick start the second session of the 2008 Keeneland November breeding stock sale Nov. 4 at the Central Kentucky auction house.

Adena Springs Brings Back 2yo Sale

Frank Stronach's Adena Springs Farm will conduct a sale of 2-year-olds in training in March of 2009. Adena Springs' representatives had previously announced a decision to discontinue the auction earlier this year.

OBS Changes February Sale Date

OBS Changes February Sale Date

The Ocala Breeders' Sales Company's 2009 February select sale of 2-year-olds in training has been rescheduled for Feb. 17 in Central Florida, and the Adena Springs sale of 2-year-olds in training has been added to the 2009 lineup and is scheduled for March 16.

Letters Critical of MEC's Economic State

San Francisco-based institutional investor Farallon Capital Managment and technology entrepreneur Halsey Minor are separately asking MI Developments Inc. for a major financial shake-up of racing conglomerate Magna Entertainment Corp. MID is the controlling shareholder of the debt-laden racetrack owner.

MEC Adopts Anti-Slaughter Policy

  • News

Magna Entertainment Corp. has formally adopted a company-wide policy promoting the humane treatment of racehorses, the company announced Oct. 10.

MEC Shares Plunge in Sept. 30 Trading

MEC Shares Plunge in Sept. 30 Trading

Shares of Magna Entertainment Corp. plummeted by more than 50% on heavier than average volume Sept. 30, prompting more concern for the owner of the site of next month's Breeder' Cup World Championships.

Adena Springs Cancels Broodmare Sale

Adena Springs Cancels Broodmare Sale

Frank Stronach's Adena Springs operation has canceled the 2008 edition of its annual broodmare sale. The auction, which featured mares in foal to Adena Springs stallions, had been held for 11 consecutive years previously.

MEC Working With THG on Pricing Model

MEC Working With THG on Pricing Model

Magna Entertainment Corp., in a statement issued the evening of Aug. 28, acknowledged it is having discussions with the Thoroughbred Horsemen's Group on what company chairman Frank Stronach called "a new framework" for pari-mutuel economics.

Einhorn Again Challenges MEC Parent

A long-time adversarial shareholder of MI Developments has asked the parent company of Magna Entertainment Corp. to re-examine its interest in the racing and gaming entity, calling MEC a "failed" business enterprise.

Hialeah Redux: Beyond Brunetti, Minor

Hialeah Redux: Beyond Brunetti, Minor

Hialeah Park owner John Brunetti is looking forward to meeting with prospective buyer Halsey Minor about what he calls multiple "hurdles" to returning racing to the historic track that last held a meet in 2001.

Florida QH Track Backers Still Active

  • News

Florida's only harness track and several Thoroughbred industry executives are making plans for Quarter Horse racing, with potentially lucrative poker rooms serving as part of the attraction.

MI Developments Wins Greenlight Appeal

A New York investment company and affiliates have lost their appeal of a shareholder oppression lawsuit they originally filed against the parent company of Magna Entertainment Corp., with the Canadian judges affirming lower-court awarded indemnity costs of $2.1 million.

MEC Reorganization Vote Postponed

MEC Reorganization Vote Postponed

The parent company of Magna Entertainment Corp. has called off a scheduled July 24 shareholder meeting to vote on a complex reorganization plan that has raised the ire of some large stakeholders.

Hamelback Named Adena Springs GM

  • News

Eric Hamelback, who has been with Frank Stronach's Adena Springs twice during his career, has been named general manager of the Kentucky property.

Harlem Rocker Skipping Queen's Plate

Harlem Rocker Skipping Queen's Plate

Harlem Rocker, decisive winner of the Withers Stakes (gr. III) and fourth in the Plate Trial this season, will not contest the June 22 Queen's Plate (Can-IR) at Woodbine.

Harlem Rocker Empty in Plate Trial

Harlem Rocker Empty in Plate Trial

Harlem Rocker, regarded as one of the top 3-year-olds in North America and briefly under consideration for the Preakness Stakes (gr. I), failed in his first two-turn test June 1 at Woodbine. The son of Macho Uno finished a well-beaten fourth in the $150,000 Plate Trial Stakes.

Harlem Rocker To Skip Preakness

Harlem Rocker To Skip Preakness

Big Brown's task just got a little - or a lot - easier with the decision of Harlem Rocker's owner Frank Stronach to bypass Saturday's Preakness Stakes (gr. I) and await the $1-million Queen's Plate at Woodbine June 22.

Most Popular Stories