youllneverwalkalone Posted May 12, 2005 Share Posted May 12, 2005 My apologies if this is old news or belongs in a different forum, BUT... I read a lot on the various boards about Canadian buisnessmen Joey Saputo and Greg Kerfoot doing great things for soccer in Canada. Then I read this: "It's not a Canadian player in the spotlight this week but a Canadian businessman, billionaire Frank Stronach. His FK Austria side qualified for the last eight of the UEFA Cup beating Real Zaragoza on the away goals rule. Zaragoza was the second Spanish team to go out to the competition to the Austrians after Athletic Bilbao exited in the previous round. FK Austria currently sits second in the Austrian Bundesliga and last season finished runners up to Grazer AK in both the league and cup." http://msn.foxsports.com/other/story/3398618 WTF??? Why is he a no show in Canadian soccer??? Link to comment Share on other sites More sharing options...
The Beaver Posted May 12, 2005 Share Posted May 12, 2005 quote:Originally posted by youllneverwalkalone My apologies if this is old news or belongs in a different forum, BUT... I read a lot on the various boards about Canadian buisnessmen Joey Saputo and Greg Kerfoot doing great things for soccer in Canada. Then I read this: "It's not a Canadian player in the spotlight this week but a Canadian businessman, billionaire Frank Stronach. His FK Austria side qualified for the last eight of the UEFA Cup beating Real Zaragoza on the away goals rule. Zaragoza was the second Spanish team to go out to the competition to the Austrians after Athletic Bilbao exited in the previous round. FK Austria currently sits second in the Austrian Bundesliga and last season finished runners up to Grazer AK in both the league and cup." http://msn.foxsports.com/other/story/3398618 WTF??? Why is he a no show in Canadian soccer??? Not sure, though I could come up with all sorts of ideas. I'd assume that he sees little benefit in investing in Canadian teams or Canadian soccer. He's done his cost/benefit analysis, and has discovered that Canadian soccer just ain't a hot market opportunity. Maybe he'd be interested in a Toronto-based MLS team, but even that probably seems a bad investment. Or maybe he is another one of those Old World dudes that benefit from living in Canada but would rather not spend their money here. Hard to say. The Saputos and Kerfoot are BUILDERS. They are doing well in business and are proud to make a contribution to the country via soccer. Kudos to them. We need more business leaders like them. Link to comment Share on other sites More sharing options...
Guest Ed Posted May 12, 2005 Share Posted May 12, 2005 Or maybe he's had the foresight to check out who he would have to do business with. But let's forget that and hang him for forsaking his country. Easier all round isn't it? Link to comment Share on other sites More sharing options...
Bxl Boy Posted May 12, 2005 Share Posted May 12, 2005 Where does he live ? In Canada or in Austria ? Link to comment Share on other sites More sharing options...
youllneverwalkalone Posted May 12, 2005 Author Share Posted May 12, 2005 I guess my surprise stems from the fact that other than their unwillingness to accept any reasonable form of corporate governance, the Stronach family is very politically conscious and tries to portray themselves as patriots and philanthropists. For example, he seems like the kind of guy that could provide the necessary leadership to actually get a stadium built in Toronto. Link to comment Share on other sites More sharing options...
youllneverwalkalone Posted May 12, 2005 Author Share Posted May 12, 2005 quote:Originally posted by Bxl Boy Where does he live ? In Canada or in Austria ? Southern Ontario somewhere. He's the guy behind Magna (auto parts & racetracks) Link to comment Share on other sites More sharing options...
Grizzly Posted May 12, 2005 Share Posted May 12, 2005 I would say it might be for the same reasons Stronach never overstays the maximum number of days you can live in Canada without paying taxes as a Canadian resident. By all accounts though he is creating a mess of the Austrian league though perhaps it is just as well although we sure could use his tax dollars. He doesn't live in Austria either, Switzerland provides the tax haven he seeks in a homeland, i.e. he does the same thing in Austria as in Canada, don't overstay your time so that you are considered a resident for tax purposes. Link to comment Share on other sites More sharing options...
Canuck Oranje Posted May 12, 2005 Share Posted May 12, 2005 First off, Stronach lives in Austria now and I don't have a problem with him spending some money where he happens to live. Second, he has invested a huge amount of money in Canada and his companies employ many Canadians. Link to comment Share on other sites More sharing options...
Elias Posted May 12, 2005 Share Posted May 12, 2005 quote:Originally posted by youllneverwalkalone For example, he seems like the kind of guy that could provide the necessary leadership to actually get a stadium built in Toronto. quote:Originally posted by Ed Or maybe he's had the foresight to check out who he would have to do business with. Ed answered before you asked. I also think a part of it has to do with the fact of going back to the "old country" and rubbing it in that you made millions in the new world. Link to comment Share on other sites More sharing options...
youllneverwalkalone Posted May 12, 2005 Author Share Posted May 12, 2005 quote:Originally posted by Grizzly I would say it might be for the same reasons Stronach never overstays the maximum number of days you can live in Canada without paying taxes as a Canadian resident. By all accounts though he is creating a mess of the Austrian league though perhaps it is just as well although we sure could use his tax dollars. He doesn't live in Austria either, Switzerland provides the tax haven he seeks in a homeland, i.e. he does the same thing in Austria as in Canada, don't overstay your time so that you are considered a resident for tax purposes. He still would to have to cut a pretty big check to the feds on his Magna salary and dividends regardless of where he resides. 57 million this year I think. That leaving the country on day 181 trick MAY only exclude you from paying tax on your worldwide income. But we digress... I could care less where he lives, he calls himself Canadian and has a passion for soccer and yet has not put those two together. It's a bit odd. Link to comment Share on other sites More sharing options...
The Beaver Posted May 12, 2005 Share Posted May 12, 2005 quote:Originally posted by Canuck Oranje Second, he has invested a huge amount of money in Canada and his companies employ many Canadians. He employs them so that he can make money. Nothing wrong with this, but don't make it sound like he's some sort of noble altruist. Perhaps this is not what you are getting at, but the suggestion that his employing Canadians makes him immune from criticism is bloody thin. Mind you, Frank is having a pretty bad time with Magna's new venture and will probably not be the sort of player we want in the long run anyways. But as far as Conservative go, Belinda is hot. Much better than the US poster girl for the ultra-right: Anne Coulter. (Mind you, Belinda does not appear to be "ultra-right." In fact, she may be the only Conservative MP with half an idea of what Canadians really want.) Link to comment Share on other sites More sharing options...
Canuck Oranje Posted May 12, 2005 Share Posted May 12, 2005 I was not suggesting that he is immune to criticism. In fact, everyone is entitled to their opinion. I was merely pointing out that he has contributed to the Canadian economy and that any assumption that he has not is false. quote:Originally posted by The Beaver He employs them so that he can make money. Nothing wrong with this, but don't make it sound like he's some sort of noble altruist. Perhaps this is not what you are getting at, but the suggestion that his employing Canadians makes him immune from criticism is bloody thin. Mind you, Frank is having a pretty bad time with Magna's new venture and will probably not be the sort of player we want in the long run anyways. But as far as Conservative go, Belinda is hot. Much better than the US poster girl for the ultra-right: Anne Coulter. (Mind you, Belinda does not appear to be "ultra-right." In fact, she may be the only Conservative MP with half an idea of what Canadians really want.) Link to comment Share on other sites More sharing options...
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