Advertisement
HomeCollectionsStronach
IN THE NEWS

Stronach

FEATURED ARTICLES
SPORTS
By JOHN EISENBERG | October 26, 2005
Frank Stronach's voice thundered through the $4 million vocational training center he opened yesterday morning on Park Heights Avenue, just down the street from Pimlico Race Course. "The Preakness will always be in Baltimore," said Stronach, the Austrian-born, gray-haired founder and chairman of Magna, the Canadian-based company that owns Laurel Park and Pimlico. Could his definition of Baltimore include Laurel? "No. What I mean is the Preakness will remain right here, on the hilltop," he said, using Pimlico's nickname.
ARTICLES BY DATE
BUSINESS
By Chris Korman, The Baltimore Sun | June 12, 2013
The Breeders' Cup, created as a roving championship of thoroughbred racing, shunned Louisville's Churchill Downs this week and announced it would return to Santa Anita Park in 2014 for a third consecutive year. Santa Anita, of course, is owned by the Stronach Group, which also owns Pimlico and Laurel. The same company is investing more than $100 million into its Gulfstream Park facility in Florida to turn it back into a Breeders' Cup-worthy venue . With massive renovations being drawn up for Pimlico, I thought it might be a good time to ask Maryland Jockey Club president Tom Chuckas if he thought Old Hilltop could ever host the Breeders' Cup. He laughed and said, "In this world, anything is possible.
Advertisement
SPORTS
By Tom Keyser and Tom Keyser,SUN STAFF | July 7, 1999
Frank Stronach's Magna International Inc. announced yesterday the purchase of Gulfstream Park, adding the premier southern Florida horse track to its budding racing empire.Last fall, Stronach's Ontario-based company, one of the world's largest manufacturers of auto parts, bought Santa Anita Park in southern California for $126 million. The price tag for Gulfstream Park was $87 million.Stronach, a prominent horse owner and breeder, has said he plans to acquire more tracks.He was quoted in the Daily Racing Form as saying he will now pursue Monmouth Park, a summer track on the Jersey shore that is owned by the New Jersey Sports and Exposition Authority.
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.
SPORTS
By Tom Keyser and Tom Keyser,SUN STAFF | April 17, 2004
Although racing in Maryland faces an uncertain future, the head of the company that controls the Maryland Jockey Club is talking in assuring tones about the Preakness remaining at Pimlico Race Course. "It's a solemn commitment," Frank Stronach said yesterday during a telephone interview from his office in Canada. "We're not going to move the Preakness. It's been at Pimlico for generations. It will remain at Old Hilltop." Stronach also reaffirmed the commitment of his company, Magna Entertainment Corp.
SPORTS
By Jon Morgan and Jon Morgan,SUN STAFF | July 16, 2002
For a horse racing outsider, Frank Stronach has spent a long time inside the sport. The 69-year-old Canadian billionaire, whose Magna Entertainment Corp. announced yesterday plans to acquire Maryland's major thoroughbred racetracks, bought his first horse in 1961 for $700. Today, he commands an equine empire with hundreds of horses on farms in Kentucky, Florida and Ontario and a chain of racetracks - 11 thoroughbred tracks bought or leased since 1998 - that collectively account for more than one out of every four dollars bet on thoroughbreds in this country.
BUSINESS
By Jamie Smith Hopkins and Jamie Smith Hopkins,SUN REPORTER | April 1, 2008
Racing magnate Frank Stronach is proposing a complex restructuring that would separate his racetrack company from his real estate development company, leaving unanswered the question of where the money-losing racing operation would get its financing. Magna Entertainment Corp., which owns Laurel Park and Pimlico Race Course in Maryland, has been lent millions by parent MI Developments Inc. to keep its operations going. Stronach, Magna Entertainment's founder, is also MID's controlling shareholder.
SPORTS
By Jon Morgan and Jon Morgan,SUN STAFF | July 18, 2002
Among the unwritten rules in horse racing circles is this: If you're holding a dinner party, don't seat at the same table Tom Meeker, Barry Schwartz and Frank Stronach. The men head three of the biggest organizations in racing, Churchill Downs Inc., the New York Racing Association and Magna Entertainment Corp. But they hold different visions of the sport's future and share a history of testy relations. Now, they will share a board, if not a table, through Triple Crown Productions LLC. Together, they must decide how to divide millions of dollars among themselves.
NEWS
August 6, 2002
IT COULD BE a futuristic vision. Or a delusive mirage. Either way, entrepreneur Frank Stronach's notion of razing Pimlico Race Course and rebuilding it into an entertainment colossus should be enough to jolt Marylanders from summer languor. And it just might be the way to resuscitate the state's struggling racing industry. Mr. Stronach now must provide details, details and more details: Would racing still be the centerpiece of the multi-purpose complex or merely a sideshow after the once-a-year Preakness extravaganza?
NEWS
By Tom Keyser and Tom Keyser,SUN STAFF | August 5, 2002
SARATOGA SPRINGS, N.Y. - Racing magnate Frank Stronach said he wants to tear down Pimlico Race Course, build a new track on the same site and take steps to help its Northwest Baltimore neighborhood. "I think the whole track needs to be torn down," said Stronach, chairman of Canadian-based Magna Entertainment Corp., which has reached an agreement with the Maryland Jockey Club to buy a majority share of Pimlico and Laurel Park. "Pimlico must remain; there's too much tradition involved," he said.
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.
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.
NEWS
By Reginald Fields and Reginald Fields,SUN STAFF | January 8, 2004
Frank Stronach took a short walk about a year ago through the declining neighborhood surrounding Pimlico Race Course, which is owned by one of his companies, and was reminded of his own humble beginnings. "I walked around and said, `Oh my, God. This is such a poor neighborhood,'" Stronach said yesterday about Park Heights, the community encompassing the racetrack. "How could this happen?" An Austrian who immigrated to Canada more than a half century ago, Stronach moved to his new country with $200 in his pocket and a skill for shaping metal pieces into machine parts.
SPORTS
By Sandra McKee and Sandra McKee,SUN REPORTER | August 10, 2007
Magna Entertainment Corp. chairman Frank Stronach announced yesterday that the company that owns Pimlico Race Course and Laurel Park had second-quarter losses of more than $23 million and said "drastic action" must be taken to right the company. "We are extremely disappointed with the second quarter results," Stronach said in a prepared statement. "We recognize immediate and drastic action is required, and we have commissioned a strategic review of the company." MEC, a unit of Magna International Inc., an auto parts maker, said it lost $23.4 million in the second quarter, or 22 cents a share.
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.
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.
Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.