| Native Name: | instead.--> |
| Term Start: | 25 September 2012 |
| Term End: | 31 December 2017 |
| Predecessor: | Party established |
| Successor: | Party dissolved |
| Frank Stronach | |
| Birth Name: | Franz Strohsack |
| Birth Date: | 6 September 1932 |
| Birth Place: | Kleinsemmering, Styria, Austria |
| Occupation: | Businessman Racehorse owner/breeder |
| Spouse: | Elfriede Sallmutter |
| Children: | Belinda, Andrew |
| Nationality: | Austrian and Canadian |
| Awards: | Order of Canada (1999) Thoroughbred horse racing awards: |
Frank Stronach (born 6 September 1932) is an Austro-Canadian billionaire businessman and politician.
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.[1]
In 2011, he entered Austrian politics: founding the Stronach Institute to campaign for a flat tax[2] and lowering national debt. In 2012, he founded the political party Team Stronach for Austria.
In 2024, he was arrested and charged with 13 offenses, including rape, indecent assault on a female, eight counts of sexual assault and one of forcible confinement, involving 10 alleged victims.[3] [4] [5] [6] Police allege that the sexual assaults spanned from the 1980s to 2023.[7]
Of Croatian heritage he was born as Franz Strohsack in Kleinsemmering, Styria, Austria, to working-class parents.[8] [9]
He married Elfriede Sallmutter, a fellow Austrian. 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.
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 name was converted from Multimatic Investments Ltd to Magna International Ltd.
Stronach, who is currently the non-executive chairman of Magna International, holds multiple-voting shares of the company, which gives him majority voting power over issues brought to shareholder vote. Although he controls the voting power among Magna's shareholders, Stronach owns only 4% of Magna's equity. His pay packages over the past few years have been between $30 and 50 million CAD. In October 2018, he sued the Stronach Group.
On 1 October 2018, he and his wife 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 Frank Stronach resigned as trustee in 2013 when he ran for office in Austria.[4] The settlement to the lawsuit was announced on 13 August 2020. As part of the settlement, Frank 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.[10]
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.[11] [12]
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.[10]
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.
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.[13] In November 2011, he called for an 'intellectual revolution' in Austria, suggesting that he would be willing to fund a student-led political party.[14]
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.[15] Stronach argued that Austria should stay in the EU, but that the euro was a 'monstrosity'.[16]
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.[17] 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.[18]
The new party, called Team Stronach, was launched in September 2012.[19] [20] 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.[21] 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).[22] [23]
On 6 September 2005, Stronach announced that he and Magna International were committing $2 million to start a model community for people displaced by Hurricane Katrina. The Toronto Star reported that "Magna Entertainment Corp. 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 500to 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.[24]
In 1999, Stronach was made a Member of the Order of Canada.[25]