Eugene Melnyk

Eugene Melnyk
Born (1959-05-27) May 27, 1959
Toronto, Ontario, Canada
Residence Barbados
Occupation Businessman, sports team owner, racehorse owner
Known for Founder Biovail Corporation, Owner Ottawa Senators, Thoroughbred Horse Breeder, Philanthropist, Entrepreneur
Board member of Ottawa Senators, Thoroughbred Owners and Breeders Association, Advisory Council of Ukrainian Canadian Congress
Awards

Eugene Melnyk (born May 27, 1959) is a Ukrainian Canadian[2][3][4] businessman who has resided in Barbados since February 1991. He is the current and sole owner, governor, and chairman of the Ottawa Senators professional ice hockey franchise of the National Hockey League (NHL). He is the founder, former chairman and CEO of Biovail Corporation which was acquired by Valeant Pharmaceuticals. Canadian Business magazine ranked Melnyk 77th with a net worth of $1 billion on its 2014 list of Canada's 100 wealthiest people.[5] He is also one of the richest residents of Barbados, where he now lives.[6][7]

Business career

In 1982, Melnyk founded medical publishing company Trimel Corporation, which was sold to Thomson Publications (part of The Thomson Corporation) in 1989. Melnyk then founded Biovail Corporation, a specialty pharmaceutical company, in 1989. During his time as chairman and CEO of Biovail, revenues grew from $19 million in 1995 to $1.067 billion in 2006. One of Biovail's strategies was to look for drugs with expired patents, then reinvent them with the company's proprietary technologies. One example was producing drugs that had controlled-release features that let patients take the drug once a day instead of several times.[8] Melnyk retired from his position as chairman and CEO of Biovail on June 30, 2007.

In 2003 a Biovail trucking accident destroyed a shipment of drugs, and Biovail executives overestimated the loss. When the actual earnings were released, the loss was much lower and earnings were positive. This caused shareholder frustration and legal actions. In the Ontario Securities Commission complex decision in 2010, the panel ruled Melnyk didn't breach any specific securities rules because the information in the press release was not misleading "in a material respect." But it concluded his actions were still "contrary to the public interest", which is a broad and open-ended violation that does not require a finding of guilt on any specific securities law.[9]

While Melnyk would pay $565,000 to cover OSC costs in the matter, he was not assessed any fine or financial penalty. Thomson (Melnyk's lawyer) said such a payment could not be assessed for acting "contrary to the public interest" without any specific breach of the Securities Act.[9]

Earlier in the same year Melnyk had settled with the United States Securities and Exchange Commission (SEC), agreeing to pay a civil penalty of $150,000 US, and he had previously paid $1 million U.S. to settle other claims with the SEC.[10]

In 2008, Melnyk started another pharmaceutical company named Trimel Pharmaceuticals. Trimel Pharmaceuticals Corporation is a specialty pharmaceutical company actively developing medications for male hypogonadism, female sexual dysfunction, and various respiratory disorders. The Corporation holds a licence for the development and marketing rights worldwide, excluding Brazil and Russia, to certain products utilizing a bioadhesive intranasal gel drug delivery technology platform and owns a novel unit-dose dry powder inhaler / nasal dispersion system ("TriVair™"). The Corporation is actively pursuing the development and application of these technologies for therapeutic categories such as (a) male hypogonadism, (b) female orgasmic disorder, and (c) respiratory disorders, representing multibillion-dollar market opportunities in the United States alone.[11] Trimel is still in the early stages of development but is expected to reach a partnership and begin production in 2014.[12]

He also has business interests in the cosmetics industry and is a major shareholder of a botanical biotechnology company.

Sports franchise owner

On August 26, 2003, Melnyk purchased the Ottawa Senators hockey club of the NHL and their arena, Corel Centre out of bankruptcy. He is the sole owner and holds the titles of governor and chairman.

Melnyk's first sports franchise purchase was the St. Michael's Majors of the Ontario Hockey League in 2001. Until 2007, the club played at the St. Michael's College School's Arena in Toronto, but has now relocated to Mississauga, Ontario. As there was a club already in Mississauga, the IceDogs, Melnyk purchased the IceDogs in 2006 and resold them in 2007 to move the Majors into the IceDogs home arena. The new ownership of the IceDogs has relocated the team to St. Catharines, Ontario and is now known as the Niagara IceDogs. On May 10, 2012, Melnyk sold the St. Michael's Majors (now called the Mississauga Steelheads) to Elliott Kerr for an undisclosed price.[13]

On September 16, 2008, Melnyk proposed plans for an Ottawa Major League Soccer professional soccer team, and a new soccer-specific Ottawa Soccer Stadium [14] but could not obtain support from Ottawa's municipal Council. Instead, the Mayor and Council chose a different site for a Canadian Football League franchise named the Ottawa RedBlacks.

In 2009, Melnyk served as chairman of the IIHF World Junior Championship.[15]

In January 2012, Melnyk hosted the National Hockey League All-Star Game at his arena, the Canadian Tire Centre.[16] In 2005 and 2008, he hosted the NHL Entry Draft.[17]

In June 2013, Melnyk announced the naming rights change of his arena from Scotiabank Place to Canadian Tire Centre.[18] He made this decision based on a preference for the new sponsor Canadian Tire over Scotiabank.

Melnyk has repeatedly stated that the team is not for sale and he would never consider selling it.[19] Although the Ottawa Senators are a Canadian ice hockey club, the team yields little to no profit year to year.[20] In the 2012–2013 season, the average ticket prices of the Ottawa Senators were sixth cheapest in the league; Anaheim, Colorado, Dallas, Tampa Bay, and Phoenix were the only cheaper tickets.[21]

Thoroughbred horse racing

Eugene Melnyk is the owner of Melnyk Racing Stables Inc. and Winding Oaks Farm in Ocala, Florida, a 1,100-acre (4.5 km2) property on land that was formerly Tartan Farms and where such racing legends as Dr. Fager and Ta Wee are buried. His racing and horse breeding operations have more than 200 Thoroughbreds. All of the Melnyk racehorses are named after Barbados landmarks and carry the blue and gold national colours. Blue and gold are also Ukrainian national colours.

Melnyk's horse Kathir won the prestigious Sandy Lane Gold Cup in Barbados in 2004, however 10 months later was disqualified after the champion horse tested positive for banned substance methylprednisolone. Melnyk used his immense wealth and personal resources to get the disqualification overturned in a bitter legal battle with the Barbados Turf Club. Despite the legal decision in his favor, the stain on his reputation remains, with future investigations of insider trading in one of his companies only adding more fuel to the fire. Melnyk was named a trustee of the New York Racing Association in August 2003, a position from which he resigned in January 2007. Melnyk was a co-recipient of the National Turf Writers Association's 2002 Joe Palmer Award and has also been honored by the Thoroughbred Owners and Breeders Association as national owners of the year in 2005, and he formerly sat on the Thoroughbred Owners and Breeders Association board of directors.

In 1998, his colt Archers Bay won Canada's most prestigious race, the Queen's Plate. Melnyk has won all three legs of the Canadian Triple Crown with two horses: Archers Bay and Lodgehill. Another highlight came in 2007 with the 3-year-old filly Sealy Hill, who became the first filly to win the Canadian Triple Tiara, which legs include the $500,000 Woodbine Oaks, the Bison City Stakes, and the Wonder Where Stakes, since the series was inaugurated in 1999. Sealy Hill was awarded with triple Sovereign Awards–3-year-old filly, turf female and Canadian Horse of the Year and was inducted into the Canadian Horse Racing Hall of Fame in August 2013. Melnyk has won 12 Sovereign Awards.

Top racehorses include champion sprinter Speightstown, winner of the 2004 Breeders' Cup Sprint, Marchfield (2007 Breeders' Stakes), Flower Alley (2005 Travers), Pool Land (2006 Ruffian), Marley Vale (Test), Tweedside (Coaching Club American Oaks), Bishop Court Hill (Carter), Harmony Lodge (Ballerina), along with other graded stakes winners Indian Vale, Gouldings Green, Strong Hope, Host, Fisher Pond, Lodge Hill, Bovell, Pico Teneriffe, and Graeme Hall. Owns a substantial quantity of bloodstock and is standing stallions in Florida and Kentucky, including Speightstown (at WinStar Farm), Strong Hope (at Winding Oaks Farm), and Flower Alley (at Three Chimneys Farm), Graeme Hall, and Harlington (Winding Oaks Farm).

Melnyk's Flower Alley is the sire of I'll Have Another, which won the Kentucky Derby and Preakness Stakes and was suddenly retired on the eve of the Belmont Stakes (the third leg of the U.S. Triple Crown) with an injury to his left front tendon.

In February 2013, Eugene sold a few of his broodmares to refocus the business from breeding to purchasing yearlings and racing those instead.[22] His dedication and investment in the thoroughbred racehorse industry remains strong and substantial, and he can be regularly seen attending many of his horses' races.

Business ventures

  • Providence Elementary and Secondary schools[30]

Philanthropy

Eugene Melnyk is involved with various charitable organizations. His primary charitable focus is on helping children and the elderly. His involvement has included:

In 2014 Melnyk spearheaded a campaign to boycott sponsors of the 2018 FIFA World Cup in order to push FIFA to remove the event from Russia, out of protest for its war with Ukraine.[48]

Personal life

Eugene Melnyk was born and raised in Toronto, Ontario, in Canada. He now resides permanently in Barbados. Eugene is divorced and has two children.[49]

Melnyk was made honorary Colonel of the No. 414 Squadron RCAF.[50]

Health

On May 19, 2015 Melnyk underwent a successful liver transplant surgery at Toronto General Hospital, located in his hometown of Toronto.

Books and TV

Eugene has been featured in the following books:

He has also been featured in the following TV shows:

See also

References

  1. ↑ St. Michael's College School: Mr. Eugene Melnyk
  2. ↑ Bulka: Presumed consent the wrong approach Ottawa Citizen, May 24, 2015
  3. ↑ Ukrainian-Canadians answering call of the homeland The Star, Dec 22 2014
  4. ↑ Sens owner Melnyk urges Canadian action on Ukraine The Globe and Mail, March 25, 2014
  5. ↑ Canadian Business, December 9, 2013 issue
  6. ↑ Melnyk – one of the wealthiest - NationNews Barbados - Local, Regional and International News - nationnews.com
  7. ↑ alpha services - Barbados
  8. ↑ BIOVAIL CORP./Ontario, Canada Drug Firm Has Last Laugh Over Questionable Buy - Investors.com
  9. 1 2 https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20110506/RBMELYNYKOSCMCFARLANDATL
  10. ↑ "Senators owner Melnyk banned for five years from boardrooms of public companies he Financial Post by Barbara Shector, May 5, 2011". Retrieved 2011-05-05.
  11. ↑ Business Overview
  12. ↑ Trimel Pharmaceuticals Corporation > News > Recent News
  13. ↑ Kerr buys Mississauga Majors http://slam.canoe.ca/Slam/Hockey/Junior/2012/05/11/19745036.html
  14. ↑ "Bring the World to Ottawa". Retrieved 2008-09-18.
  15. ↑ He also served as chairman of the Host Organizing Committee which was responsible for overseeing this major international hockey tournament. The event saw Team Canada win its fifth consecutive gold medal and the overall tournament shattered all financial, economic and broadcast records: nearly a half million tickets were sold for the event which generated in excess of $80 million in regional economic activity for the nation's capital. Eugene Melnyk: Executive Profile & Biography - Businessweek
  16. ↑ Melnyk's all-star dream comes true | Senators | Sports | Ottawa Sun
  17. ↑ Ottawa hosts 2008 NHL Entry Draft - Ottawa Senators - Features
  18. ↑ Naming rights for Scotiabank Place sold to Canadian Tire | Ottawa & Region | News | Ottawa Sun
  19. ↑ Ottawa Senators owner Eugene Melnyk: Team is not for sale | Senators | Sports | Ottawa Sun
  20. ↑ The Business Of Hockey List - Forbes
  21. ↑
  22. ↑ Melnyk Horses Bring Gratifying Sale Results | BloodHorse.com
  23. ↑ Ottawa Senators
  24. ↑ Canadian Tire Centre :: Home
  25. ↑ Trimel Pharmaceuticals Corporation
  26. 1 2 http://www.biovail.com/
  27. ↑ Bert's Barbados - Welcome
  28. ↑ http://www.scotiabankplace.com/en/default.asp?scotiabankplace=32
  29. ↑ Yearwood, Trevor (2009-07-06). "'All-inclusive' school by 2010". Nation Newspaper. Retrieved 2009-07-26.
  30. ↑ Providence School
  31. ↑ Winding Oaks Farm
  32. ↑ Home page Fusion Beauty
  33. ↑ Eugene Melnyk Acquires Fusion Brands Inc. and Fusion Brands International
  34. ↑ CORRECTION FROM SOURCE/Eugene Melnyk and Olivann Beauty Congratulates British Band One Direction on Launch of New Fragrance
  35. ↑ Account Suspended
  36. ↑ http://www.newswire.ca/fr/story/676963/purgenesis-announces-significant-milestones-within-its-pharmaceutical-program
  37. ↑ Players got nothin' on these coaches
  38. 1 2 3 Biography
  39. ↑ http://www.stmichaelscollegeschool.com/Our_Campus-p138382
  40. ↑ http://www.stmichaelscollegeschool.com/mr-eugene-melnyk-p142083
  41. ↑ http://www.canada.com/story_print.html?id=1914265&sponsor=
  42. ↑ http://www.ntra.com/stats_bios.aspx?id=2051
  43. ↑ Ukrainians abroad strive to keep alive cultural traditions of the homeland
  44. ↑ CANADIAN ATHLETES NOW FUND | Eugene Melnyk launches national 'Patrons of Sport' campaign in support of Canadian athletes
  45. ↑ Eugene Melnyk Donates $5 million to St. Joseph’s Health Centre Improves Patient Access to one of Toronto’s Oldest Hospitals
  46. ↑ Roger'S House Officially Opens Its Doors | Ottawa Start.Com
  47. ↑ Eugene Melnyk Skate for Kids creates a lifetime of memories - Ottawa Senators - News
  48. ↑ http://ottawacitizen.com/sports/hockey/nhl/senators-extra/melnyk-leads-boycott-of-world-cup-sponsors
  49. ↑ Ottawa Senators owner Melnyk in divorce proceeding
  50. ↑ http://ottawacitizen.com/sports/hockey/nhl/senatorsextra/amid-trade-talk-anderson-finds-comfort-in-contract-extension
  51. ↑ About Diane Francis - Diane Francis
  52. ↑ Going for the Green Book: April 29 | Going for the Green
  53. ↑

External links

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