(CNN) Once deemed among the world's 100 most influential people, Belinda Stronach has overseen a 120,000-strong workforce and survived breast cancer.

Now she has turned her attention to the "sport of kings" and putting on the world's richest horse race.

Saturday's $12 million Pegasus World Cup will end the two-decade reign of the $10 million Dubai World Cup atop the prestige stakes.

The novel concept -- the 12 entrants pay $1 million each for a starting stake, with $7 million going to the winner -- ties in with the wagering side of the Stronach Group racing empire that created the event.

Stronach, the company's president and chairman, wants to open up the sport to a newer generation of racegoers.

"We respect the history as well but we're trying to modernize it and make it an even more fun experience," she tells CNN.

'Celebrity politician'

In her native Canada, Stronach is more than just a businesswoman. She had two stints as a member of parliament, which spawned a biography of her life whose author described her as "the perfect storm of celebrity and politician."

Despite her family background, she is nonetheless "a little surprised" to find herself working in the equine world.

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"I grew up on a horse farm and my Dad and brother were passionate about horses, but I was interested in other horsepower," she says via a telephone interview.

That alternative passion led her to become CEO of Magna International , once the largest automobile parts manufacturer in North America, and set up by her father Frank in the 1950s.

At its peak, she had 120,000 employees in 29 countries under her watch, with annual sales in excess of $30 billion.

In her subsequent life as a politician, she championed gender equality. Horse racing might be a male-dominated world, but she believes it has untapped potential for the opposite sex.

"Still the majority of owners, trainers and jockeys are men," she says. "I don't have any hard statistics to back it up but maybe 15% or even less are women.

"But in terms of attendance, we've done our research and that's pretty equal between men and women, so the times are changing. We need to make sure we create the right experiences for men and women."

'It's entertainment'

Only jockeys harness true horsepower. Get a glimpse into the heart-pounding action awaiting this Saturday! #PegasusWorldCup pic.twitter.com/VgHBbecvN1 — Pegasus World Cup (@PegasusWorldCup) January 25, 2017

However, the 50-year-old Stronach wants to shake up the race-going experience.

"At the end of the day, it's entertainment and we're competing against so many different forms of it," she says.

"It should be cool and fun. If you, say, want a Vegas experience, that will be offered, but we're also investing in technology to make it more accessible."

Stronach is targeting a less traditional racing audience. Already, the company has trialed events, inviting 400 young people to a day at the races at Santa Anita capped with a gig at the end by top DJ Mark Ronson.

'Playing poker'

The Stronach Group is the largest thoroughbred racing operation in North America. It owns tracks such as California's Santa Anita and Florida's Gulfstream Park, where the Pegasus World Cup will take place.

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The reigning Breeders' Cup champion #Arrogate has arrived for the richest race in the history of the sport! #PegasusWorldCup pic.twitter.com/DTFgs6HRoP — Pegasus World Cup (@PegasusWorldCup) January 24, 2017

It also runs Xpressbet, a wagering business, but the venture it knows will attract attention and the headlines is running the world's richest horse race.

Stronach admits "it's always a risk when you try something new," but likens the "pay to enter" format to poker playing -- and hopes it will provide an appeal that other prestigious racing events do not.

"With that $1 million, they become stakeholders, so they share in some of the revenues, plus they can sell their slots in the race if they want," she adds.

The plan was to bring the world's best racehorses to Gulfstream -- and the top two will go head to head this weekend.

It will be another showdown between top-ranked newcomer Arrogate and the ever popular California Chrome, who will run his final race before retiring.

Arrogate won the 2016 Longines World's Best Racehorse award after chasing down Chrome in a thrilling finish to November's Breeders' Cup Classic at Santa Anita.

A total of 12,000 racegoers are expected to attend, with the hope being many more will be watching on TV as it is being televised in the United States on NBC.

Beating cancer

Though Stronach says she is too busy to dwell on her past, she acknowledges that a cancer scare late in her political career changed her outlook on life.

Two months after announcing she would not seek re-election, she was diagnosed with a form of breast cancer and had a mastectomy.

"It's strange to explain but it's like a gift was given effectively in a way, because it gave me a second chance," she says. "It refined my outlook and allowed me to become more balanced."

Before the diagnosis, she knew something wasn't quite right but assumed it was just a symptom of working too hard.

"I saw the doctor, had a biopsy and was told within four or five days that it was the early stages of breast cancer. I was lucky in that it was super early and the surgery wasn't invasive," she recalls.

"It makes you appreciate things more as you don't know what the future holds."

Photos: California Chrome's eventful year Photos: California Chrome's eventful year An eventful year – California Chrome has enjoyed highs in 2014 but also a few lows, yet he could still be crowned Horse of the Year in the U.S. Hide Caption 1 of 10 Photos: California Chrome's eventful year An eventful year – A major highlight for the three-year-old, ridden by Victor Espinoza, was winning the 140th running of the Kentucky Derby at Churchill Downs in May. Hide Caption 2 of 10 Photos: California Chrome's eventful year An eventful year – California Chrome's trainer Art Sherman (right) became the oldest trainer to win the Kentucky Derby at the age of 77. Hide Caption 3 of 10 Photos: California Chrome's eventful year An eventful year – The chestnut colt followed up the Kentucky Derby by winning the 139th running of the Preakness Stakes at Pimlico Race Course later in May to set up the possibility of a first Triple Crown win since 1978. Hide Caption 4 of 10 Photos: California Chrome's eventful year An eventful year – California Chrome co-owner Steve Coburn (second from right) poses for a photo with fans prior to the Belmont Stakes in June -- the final leg of the Triple Crown. Hide Caption 5 of 10 Photos: California Chrome's eventful year An eventful year – But it wasn't to be as California Chrome finished fourth at Belmont Park to narrowly miss out on becoming the first horse since 1978 to claim the Triple Crown. Hide Caption 6 of 10 Photos: California Chrome's eventful year An eventful year – Coburn came under fire in the media for the unsporting comments he made directly after seeing his horse finish fourth at the Belmont Stakes. He later apologized. Hide Caption 7 of 10 Photos: California Chrome's eventful year An eventful year – Following a rest period, California Chrome returned for the Breeders' Cup Classic in November, but had to settle for third in a race marred by controversy. Hide Caption 8 of 10 Photos: California Chrome's eventful year An eventful year – California Chrome, pictured with mother Love the Chase as a foal, was a huge bargain -- the mare costing $8,000 and breeding with sire Lucky Pulpit for just $2,000. Hide Caption 9 of 10 Photos: California Chrome's eventful year An eventful year – Sherman is confident his horse can win a final race of the season, the Hollywood Derby at Del Mar and clinch the Horse of the Year award. Hide Caption 10 of 10

Family fun

"Maybe I've been influenced by them," she says. "My daughter's a very serious rider while my son plays to huge audiences. So they have some influences, they're friends too. They make you see possibilities of fun."

Fun is a buzzword for Stronach, the Pegasus World Cup and horse racing in general.

She wants -- and fully believes -- it will cement itself as an iconic annual event in the horse racing calendar.

Saturday will reveal if she's hit the jackpot.