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Dec 21 (Reuters) - Canadian billionaire Frank Stronach is set to give up control of his real estate company, MI Developments (MIMa.TO) (MIM.N), in a new deal with shareholders, according to people familiar with the matter.

Stronach, who holds a controlling voting stake in the company, is prepared to exchange his control of the $800 million real estate development company for some of its horse racing track assets, these people said.

The deal which will swap his special voting shares in the company for the racing assets, is expected to obtain the support of some of the firm's big shareholders like hedge funds Farallon Capital and David Einhorn's Greenlight Capital. As a result of the deal, Stronach will no longer control the board, and a new board will be elected by the new shareholders, these people said.

A spokesperson for Farallon declined to comment, and Greenlight Capital declined to comment on the deal. A MI Developments official was not immediately available to comment. (Reporting by Emily Chasan, additional reporting by Alina Selyukh, John McCrank and Jennifer Ablan; Editing by Lisa Von Ahn)

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