Frank Stronach

Frank Stronach
Born	(1932-09-06) September 6, 1932 Kleinsemmering, Styria, Austria
Occupation(s)	Entrepreneur, political figure
Known for	Founder of Magna International, founder of Team Stronach

Frank Stronach (born September 6, 1932) is a billionaire entrepreneur and political figure with dual Austrian and Canadian citizenship.

He is the founder of Magna International, a leading global supplier of automotive components based in Aurora, Ontario, Canada. In addition, he established Granite Real Estate and the Stronach Group. As of December 2017, his estimated net worth was CAD 3.06 billion, placing him 31st on Canadian Business’s list of Canada’s wealthiest individuals.

Stronach ventured into Austrian politics in 2011 by creating the Stronach Institute, which advocates for a flat tax system and the reduction of national debt. The following year, he launched the political party Team Stronach for Austria.

In 2024, Peel Regional Police charged him with 13 counts including rape, indecent assault, multiple sexual assault charges, and forcible confinement involving ten alleged victims. These accusations reportedly cover incidents from the 1970s through to 2023. Following these developments, Magna International commenced a focused review of relevant documents. Stronach’s legal representatives have denied all allegations amid at least 18 pending sexual assault claims. Furthermore, he faces a civil lawsuit filed by Jane Boon, who claims she was assaulted while working as a teenage co-op student at Magna in 1986.

Early life and family

Born Franz Strohsack in Kleinsemmering, Styria, Austria, Stronach hails from a working-class family of Croatian descent. He was married to Elfriede Sallmutter, also Austrian-born, who passed away in Canada on March 25, 2024, at age 80. They had two children: Belinda Stronach, who served as a Liberal MP after previously being a Conservative and was CEO of Magna; and Andrew Stronach, who participates in Thoroughbred horse racing through Adena Springs Farms. Among his grandchildren is electronic musician Frank Walker.

Business career

In 1956, Stronach established Multimatic Investments Ltd. in Toronto’s industrial area. The company secured its inaugural automotive parts contract in 1969 and merged with Magna Electronics shortly thereafter. By 1973, it had been rebranded as Magna International Ltd.

As of August 2021, Stronach holds the position of non-executive chairman at Magna International. Although owning only about 4% of the company’s shares, he controls majority voting power through multiple-voting shares. His annual earnings have ranged between CAD 30 million and CAD 50 million. In October 2018, he filed a $400 million lawsuit against The Stronach Group.

On October 1, 2018, Frank and Elfriede initiated legal action against their daughter Belinda, grandchildren Nicole and Frank Walker, and Alon Ossip over disagreements concerning management of The Stronach Group (TSG). Frank Walker resigned as trustee in 2013 to focus on his political career in Austria. The dispute was resolved on August 13, 2020: Frank and Elfriede gained full ownership of stallion breeding operations and farm activities across North America and Europe, while Belinda retained control over TSG’s horse racing, gaming, real estate holdings, and associated assets.

Other enterprises associated with Stronach include the symposium "As Prime Minister, I Would…", the Fair Enterprise Institute think tank, the business publication Vista, Frank's Energy Drink brand, and Adena Farms’ beef ranching operations.

Thoroughbred horse racing

In 2011, Stronach and his daughter Belinda established The Stronach Group, a company specializing in horse racing, entertainment, and pari-mutuel wagering technologies. The group's primary racing properties include Santa Anita Park, Pimlico Race Course—the venue for the Preakness Stakes—Gulfstream Park, which hosts the $16-million Pegasus World Cup Invitational Stakes, the richest Thoroughbred race worldwide, as well as Laurel Park, Golden Gate Fields, Portland Meadows, and Rosecroft Raceway. Additionally, the organization manages pari-mutuel technology subsidiaries such as AmTote and Xpressbet, and distributes horse racing media through Monarch Content Management. Following a 2020 agreement, Stronach took full ownership of stallion and breeding operations across North America and Europe, while Belinda retained control over The Stronach Group’s racing, gaming, and real estate divisions; Stronach himself no longer holds a role within the company.

Among early achievements was a collaboration with Nelson Bunker Hunt involving the filly Glorious Song, who was honored as Canadian Horse of the Year in 1980. Horses under Stronach’s ownership have triumphed in notable events including the Queen's Plate (1994, 1997), Belmont Stakes (1997), and Preakness Stakes (2000). His horse Ghostzapper captured victory in the 2004 Breeders' Cup Classic, secured the Eclipse Award for Horse of the Year, and was ranked as the top Thoroughbred globally that year. Stronach Stables has been awarded nine Canadian Sovereign Awards for Outstanding Owner and three U.S. Eclipse Awards for Outstanding Owner from 1998 to 2000, along with Eclipse Awards for Outstanding Breeder in 2000, 2004, 2005, and 2006. He also founded Adena Springs Farms with breeding facilities located in Kentucky, Florida, and Canada.

Politics

Stronach contested the 1988 Canadian federal election as a Liberal candidate in York—Simcoe, finishing second with 35% of votes cast.

In 2011, he ventured into Austrian politics by proposing a new party focused on reforms in taxation, healthcare, and education. His platform included implementing a flat tax rate of 20%, reducing bureaucracy by 10% over five years, and maintaining balanced budgets. Although supportive of Austria’s membership in the European Union, he voiced criticism toward the euro currency. His policy positions reflected economic liberalism akin to that of the Alliance for the Future of Austria (BZÖ), a party whose leader he admired.

Team Stronach was officially launched by him in September 2012. The party rapidly gained support from four members of parliament across different political affiliations to fulfill candidacy prerequisites. Its objective was to become a significant political player ahead of Austria’s 2013 legislative elections.

Hurricane Katrina

On September 6, 2005, Stronach alongside Magna International pledged $2 million to develop a model community for individuals displaced by Hurricane Katrina. According to reports from the Toronto Star, Magna Entertainment Corp., a gambling and racing enterprise formerly recognized as the world’s largest race track owner, was accommodating approximately 260 evacuees at a racetrack training facility located in Palm Beach County, Florida. Plans were underway to relocate these individuals to a newly constructed community by November. Both Magna International and MEC were evaluating between 500 to 1,000 acres near Baton Rouge, Louisiana for establishing trailer housing and necessary infrastructure. Stronach indicated an intention to support this community initiative for a period ranging from five to seven years.

Honours

Stronach was designated a Member of the Order of Canada in 1999.