Frank Stronach

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Stronach Seeking New Chief Executive, Partnerships, Debt Reduction

Frank Stronach, chairman of Magna Entertainment Corp., attempted to allay investor fears Thursday on the heels of yet another shakeup in the company's leadership. Stronach said he will serve as MEC's chief executive officer until a replacement can be found for outgoing president and CEO Tom Hodgson, whose departure was announced March 14.

OBS, Jai Alai Group Have Out-of-Court Settlement

The principals on both sides of a civil lawsuit involving Ocala Breeders' Sale Co. have agreed to settle the dispute out of court, just days before the four-year-old case was set to go to trial.

Katrina Evacuees Moved to 'Magnaville'

Magna Entertainment Corp. chairman Frank Stronach provided shelter at the Palm Meadows Training Center for 212 Gulf Coast evacuees on Sept. 4, six days after Hurricane Katrina devastated the region. Friday he made good on his promise to provide shelter a lot closer to their homes.

MEC Has Partner for Gulfstream Park 'Village'

Magna Entertainment Corp. and Forest City Enterprises have entered into a partnership on the proposed Village at Gulfstream Park, a retail, entertainment, and residential development that will dovetail with racing and gaming operations at the Hallandale Beach, Fla., racetrack.

Vella on His Own with Knights Templar

Four years ago, when he was the farm trainer for Frank Stronach at Adena Springs South near Ocala, Fla., Danny Vella had the satisfaction of seeing former pupils Perfect Sting and Macho Uno win Breeders' Cup races. At this year's Breeders' Cup World Thoroughbred Championships, Vella is seeking an even bigger thrill--training a winner of his own.

Magna's McAlpine Retires

Former Magna Entertainment Corp. chief executive officer Jim McAlpine has retired from the company.

Dixon Releases Track's Environmental Draft

Dixon Releases Track's Environmental Draft

Five years after Frank Stronach first pitched his dream of Dixon Downs, Magna Entertainment's model racing and entertainment complex in Northern California reached a significant milestone Sept. 23 with the release of the draft environmental impact report.

NTRA Approaches Critical Point on Memberships

With 2006 a little more than three months away, the National Thoroughbred Racing Association continues to push for membership renewals and seek new members in advance of its annual meeting, scheduled for Oct. 10-12 in Lexington.

Adena Springs, University of Guelph to Create Equine Veterinary Facility

Adena Springs and the University of Guelph in Ontario, Canada have entered into discussions to build an equine veterinary clinic at Adena Springs North near Aurora. The clinic will be designed to provide equine healthcare and advanced diagnostic performance services to Canada's equine industry.

Winery Founder Jackson Buys Interest in Ghostzapper

Winery Founder Jackson Buys Interest in Ghostzapper

Jess Jackson, who, along with his family, founded the famous Kendall-Jackson winery, said shortly after the May 30 Metropolitan Handicap that he has purchased one-third interest in 2004 Horse of the Year Ghostzapper, who romped by 6 1/4 lengths in the Met Mile in his 2005 debut.

Where Are They Now?

Where Are They Now?

By Ray Paulick - Conglomerate ownership was designed to bring economies of scale to the racetrack segment of the industry. Statistical evidence, along with unconfirmed reports that Hollywood Park may be sold to developers, suggests it hasn't worked very well in Southern California.

MEC Could Benefit From Agreement Termination

A 1999 "forbearance agreement" that prevents Magna International from investing in operations such as Magna Entertainment Corp. won't be renewed next year, Magna chairman Frank Stronach told the Toronto Globe and Mail newspaper.

MEC Hires Former Massachusetts Governor

Paul Cellucci, who formerly served as governor of Massachusetts and United States ambassador to Canada, is the new executive vice president of corporate development for Magna Entertainment Corp. beginning May 1.

No Gift Exchange

No Gift Exchange

By Ray Paulick - The execution of Magna's vision has been difficult given its isolationist philosophy.

Awesome Again's Fee Upped to $125,000

Awesome Again's Fee Upped to $125,000

When you're hot, you're hot, and Frank Stronach knows that as well as anyone. Two days after his stallion Awesome Again was represented by two Breeders' Cup winners, Stronach announced that Awesome Again's fee was raised to $125,000.

Taking Care of Business

Taking Care of Business

By Ray Paulick -- This is supposed to be the time of year when the racing world starts talking Saratoga and Del Mar, and the search begins for the hot 2-year-olds who look like they could be Triple Crown prospects 10 months from now.

Building Blocks

Building Blocks

By Ray Paulick -- Somewhere at the Aurora, Canada, corporate headquarters where Frank Stronach sits atop his Magna International and Magna Entertainment Corp. empire, there is a warehouse filled with architectural drawings and miniature models for changes to the racetracks Magna now owns.

MID Turns Profit in First Quarter

MI Developments Inc., majority owner of Magna Entertainment Corp., reported a net income of $17.52 million on revenues of $324.93 million for the first three months of 2004.

Stronach Tells Shareholders MEC is Turning Corner

Magna Entertainment Corp. chairman Frank Stronach told shareholders Tuesday he expects the company to reach consistent profitability within one to three years through continued development of the company's racetracks and new self-service betting machines he believes will become more popular than slot machines.

Maryland Tracks May Add 'Next Generation' of Betting Machines

Magna Entertainment Corp., which owns Laurel Park and Pimlico Race Course, is considering seeking approval for a plan that would let handicappers bet on live racing from around the country using machines that have a lot of the appeal of slot machines.

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