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Frank Stronach

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BUSINESS
By Hanah Cho, The Baltimore Sun | February 1, 2011
The majority owner of Maryland's two thoroughbred tracks has agreed to a deal that would transfer all of its racing assets, including Laurel Park and Pimlico Race Course in Baltimore, to its chairman and chief executive Frank Stronach. In exchange, Stronach will give up control of Ontario-based MI Developments, according to the agreement announced late Monday. Stronach currently controls 57 percent of the real estate company's voting power. The restructuring means the racing operations would become a separate entity with assets including Santa Anita Park and Golden Gate Fields, both in California; Gulfstream Park in Florida and horse racing technology firm AmTote International, the Hunt Valley-based electronic bet-processing company.
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SPORTS
By Chris Korman | May 9, 2013
Frank Stronach, owner of Pimlico, is in Washington, D.C., this week. He discussed his new book, "Magna Man: My Road to Economic Freedom," at a session today. Yesterday, he spent time on Capitol Hill, working to spread his theory that American corporations should have their tax rates cut by 10 percent on the provision that they return that savings entirely to workers. This, he says, is the best way to ensure employees are invested in the company's success. It is also the best way, he thinks, to jump-start and eventually stabilize the economy.
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BUSINESS
By Hanah Cho, The Baltimore Sun | November 12, 2010
Frank Stronach, the founder and chairman of the Maryland Jockey Club's majority owner MI Developments, has also taken on the role of chief executive officer. The management change, announced late Thursday, comes amid uncertainty at the Jockey Club, which said it would move forward with plans to significantly curtail its operations after a ballot measure approving zoning for a slots casino at Arundel Mills Mall passed this month. But Stronach said this week that he plans to keep Laurel Park open for live racing next year, much to the surprise of the Jockey Club's minority owner, Penn National Gaming.
SPORTS
By Chris Korman | May 4, 2013
First things first: Grantland has a terrific look-back at Hunter S. Thompson's "The Kentucky Derby is Decadent and Depraved. " I always start the Derby primer with a link to this story -- and by always, I mean I also did it last year -- and this adds even more context to how the story came about. A very popular question I receive from fellow Baltimoreans upon my return to our fair city by the bay is: How does the Derby compare to Preakness? The answer I ended up giving usually went something like this: The Preakness debauchery seems to be compressed into one day and in one spot, the infield, where once upon a time people ran across the portable toilets for sport.
BUSINESS
By Hanah Cho, The Baltimore Sun | May 22, 2012
Marylanders interested in owning thoroughbred horses can purchase shares in six racing investment companies founded by Frank Stronach, the owner of Laurel Park and Pimlico Race Course . The stock offering began earlier this month, allowing investors in several states — including Maryland, California and New York — to own a piece of a thoroughbred for $10 a share. Each company plans to raise revenue by racing its horses until November 2013 and then by selling them. After the sale, the net proceeds would be distributed to shareholders, though the prospectus warns potential investors that owning racehorses involves a "high degree of risk.
SPORTS
By Chris Korman | May 9, 2013
Frank Stronach, owner of Pimlico, is in Washington, D.C., this week. He discussed his new book, "Magna Man: My Road to Economic Freedom," at a session today. Yesterday, he spent time on Capitol Hill, working to spread his theory that American corporations should have their tax rates cut by 10 percent on the provision that they return that savings entirely to workers. This, he says, is the best way to ensure employees are invested in the company's success. It is also the best way, he thinks, to jump-start and eventually stabilize the economy.
BUSINESS
By Hanah Cho, The Baltimore Sun | March 29, 2011
Shareholders of MI Developments, the majority owner of the Maryland Jockey Club, overwhelmingly approved Tuesday a deal that would transfer its racing assets to chairman and chief executive Frank Stronach. Under the deal, Stronach would give up voting control of MID. In exchange, he will assume control of the Canadian real estate company's race tracks, which includes Santa Anita Park and Golden Gate Fields in California, Florida's Gulfstream Park and a 51 percent stake in the Jockey Club, which operates Laurel Park and Baltimore's Pimlico Race Course . Casino operator Penn National Gaming is the Jockey Club's minority owner though the company recently said it is considering selling its stake.
BUSINESS
By Hanah Cho, The Baltimore Sun | November 9, 2010
The future of Laurel Park was further clouded Tuesday, after the racetrack's minority owner said it still supports plans to eliminate live horse racing there. Penn National Gaming, which owns 49 percent of the Maryland Jockey Club, the umbrella group for Laurel Park and Baltimore's Pimlico Race Course , had agreed to a plan to significantly curtail the club's horse-racing operations. Then Frank Stronach, chairman of Jockey Club's parent, MI Developments, reversed course in an interview with The Baltimore Sun this week, saying he would work to save the tracks.
BUSINESS
By Hanah Cho, The Baltimore Sun | July 3, 2011
Greg Avioli is not new to thoroughbred racing. But the former chief executive of the Breeders' Cup race still faces a difficult task in running The Stronach Group's racing business, which took full control of the financially ailing Maryland Jockey Club last week. The Jockey Club, which owns and operates Laurel Park and Pimlico Race Course , has suffered through a succession of corporate owners in recent years. And in a sport that has seen attendance and wagering fall, it has struggled to make money even with the Preakness Stakes, the second jewel of the Triple Crown.
BUSINESS
By Hanah Cho, The Baltimore Sun | June 16, 2011
The co-owners of Laurel Park and Pimlico Race Course have ended their tumultuous one-year partnership, leaving Maryland's thoroughbred racetrack operator with a single owner. Penn National Gaming said Thursday it had agreed to sell its minority stake in the Maryland Jockey Club to horse owner and breeder Frank Stronach. The breakup comes as the struggling racing industry works on a long-term plan to secure the future of a sport that has seen attendance and betting decline for at least a decade, especially as neighboring states opened casinos years before Maryland.
NEWS
November 28, 2012
Maryland's horse racing industry has faced a multitude of threats in recent decades - increased competition from other forms of gambling; massive subsidies to horsemen, breeders and tracks in other states; an aging fan base and a general decline in interest in the sport of kings. But the most vexing challenges are those that Maryland's industry has imposed on itself in the form of persistent infighting that has prevented any concerted effort to reverse a decades-long slide. Given the history and the overall state of horse racing, it may be a mistake to grow overly optimistic about the prospects for revival.
BUSINESS
By Hanah Cho, The Baltimore Sun | May 22, 2012
Marylanders interested in owning thoroughbred horses can purchase shares in six racing investment companies founded by Frank Stronach, the owner of Laurel Park and Pimlico Race Course . The stock offering began earlier this month, allowing investors in several states — including Maryland, California and New York — to own a piece of a thoroughbred for $10 a share. Each company plans to raise revenue by racing its horses until November 2013 and then by selling them. After the sale, the net proceeds would be distributed to shareholders, though the prospectus warns potential investors that owning racehorses involves a "high degree of risk.
BUSINESS
By Hanah Cho, The Baltimore Sun | January 27, 2012
Frank Stronach, Pimlico's owner and a successful breeder, wants to bring horse ownership to the masses — by selling stock in six new racehorse investment companies. For $10 a share, investors could own a piece of thoroughbreds that would be trained and raced around the country before they are sold off, according to documents filed for the initial public stock offerings. The companies — named after Stronach's winning horses, including 2000 Preakness champ Red Bullet — are trying to raise a total of about $24 million.
NEWS
October 31, 2011
The man who came to town nearly a decade ago promising to be the horse racing industry's salvation has lately become its frustrating nemesis. Franck Stronach, a Canadian billionaire and racing enthusiast who has exerted an erratic will since buying the Maryland Jockey Club in 2002, has single-handedly upended a deal that was supposed to give horse and track owners and others involved in the industry time to develop a new business plan. He is now proposing an unworkable plan to lease Laurel Park to the horsemen and to run a mere 40 days a year at Pimlico - not nearly enough to sustain the industry.
BUSINESS
Jay Hancock | October 30, 2011
When the governor and the legislature saved Maryland horse racing again this past spring, everybody knew it wouldn't be for the last time. But the deal was supposed to buy a few years, if not crowds at the tracks. It didn't even do that. Frank Stronach, the aging Canadian tycoon who owns the Maryland Jockey Club, is threatening to slash the racing schedule unless he gets concessions. For the crisis to be resolved, policymakers and horse breeders will need to understand what Stronach wants.
BUSINESS
By Andrea K. Walker, The Baltimore Sun | July 29, 2011
The latest owner of Laurel Park and Pimlico Race Course says the Preakness is the key to turning around the state's horse racing industry. Greg Avioli, who heads The Stronach Group's racing business, told state regulators Friday that the second leg of the Triple Crown isn't living up to its potential. The Preakness could make three times the $14 million in revenue it currently sees, he told members of the Maryland Racing Commission. To make that happen, The Stronach Group wants to build a modernized facility — which could cost as much as $200 million.
NEWS
October 31, 2011
The man who came to town nearly a decade ago promising to be the horse racing industry's salvation has lately become its frustrating nemesis. Franck Stronach, a Canadian billionaire and racing enthusiast who has exerted an erratic will since buying the Maryland Jockey Club in 2002, has single-handedly upended a deal that was supposed to give horse and track owners and others involved in the industry time to develop a new business plan. He is now proposing an unworkable plan to lease Laurel Park to the horsemen and to run a mere 40 days a year at Pimlico - not nearly enough to sustain the industry.
SPORTS
By LOS ANGELES TIMES | January 20, 2001
LOS ANGELES - The detente between Frank Stronach and the National Thoroughbred Racing Association means that the Breeders' Cup is heading back to Santa Anita Park. Sherwood Chillingworth, executive vice president of the Oak Tree Racing Association, which, as a Santa Anita tenant, was host to Breeders' Cups in 1986 and 1993, said that no contract has been signed for racing's big year-end day in 2002, but other sources indicated that the Breeders' Cup and Oak Tree are close to a deal. The Breeders' Cup is a partner of the NTRA.
BUSINESS
By Hanah Cho, The Baltimore Sun | July 3, 2011
Greg Avioli is not new to thoroughbred racing. But the former chief executive of the Breeders' Cup race still faces a difficult task in running The Stronach Group's racing business, which took full control of the financially ailing Maryland Jockey Club last week. The Jockey Club, which owns and operates Laurel Park and Pimlico Race Course , has suffered through a succession of corporate owners in recent years. And in a sport that has seen attendance and wagering fall, it has struggled to make money even with the Preakness Stakes, the second jewel of the Triple Crown.
BUSINESS
By Jay Hancock | June 20, 2011
For all the criticism you can throw at racetrack owner Frank Stronach — and there is plenty — at least give him credit for a consistent position on slots. Over the long term he doesn't think Pimlico Race Course and Laurel Park need slot machines to survive. He has said so over the years. He said it again in an interview a few days ago. "I believe horse racing properly done could be great entertainment and could support itself" without slots at the tracks, he said over the phone.
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