One of the most high profile family financial squabbles has been resolved, ending a long and messy legal drama.

Under a new settlement, the Stronach fortune is essentially split between two groups.

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.

Belinda Stronach served as an MP as a Conservative and then as a Liberal from 2004-2008. After dramatically crossing the floor to join Paul Martin’s government, she served as Minister of Human Resources and Skills Development and Minister Responsible for Democratic Renewal.

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

Both sides issued a joint statement saying they were glad their disagreements had been settled.