Business

Stronachs settle family feud

A high-profile feud among members of the Stronach family has been settled.

Patriarch Frank will control one portion while second part will be under control of daughter Belinda

Belinda Stronach, left, has been part of an acrimonious and public rift with her father Frank, right, over control of the family's fortune and business interests. (Frank Gunn/Canadian Press)

A high-profile feud among members of the Stronach family has been settled.

Under a settlement announced by The Stronach Group, control of the family fortune is basically split between two factions.

Former politician and business executive Belinda Stronach will remain chairwoman and president of The Stronach Group, with full control of its horse racing, gaming, real estate and related assets.

Her Austrian-born parents, Frank and Elfriede Stronach, will assume full ownership and control of a stallion and breeding business, all farm operations in North America and all European assets.

The family fortune was founded by Frank Stronach, who built the global Magna automotive manufacturing business — where Belinda worked for a time before entering federal politics.

Father and daughter issued a joint statement saying they were glad their disagreements had been settled.

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