British entertainment company Rank Group has agreed to sell its Hard Rock Cafe chain to an American Indian tribe for $965m (£490m).

The business is being bought by the Seminole tribe of Florida, which already runs Hard Rock-branded hotels and casinos in Tampa and Hollywood.

The Hard Rock business made a pre-tax profit of £35m in 2005 and has 132 outlets worldwide.

Rank will now focus on online and phone betting, casinos and bingo clubs.

Rank said it would pass £350m of the sale proceeds to shareholders via a special dividend.

“Today’s announcement sets a clear strategic course for Rank as a focused gaming business,” said chief executive Ian Burke.

“We have established clear plans to capitalise on the changes taking place in UK gaming.”

The 12,000-strong Seminole tribe has lands in Oklahoma and Florida, and its main business interests are in tobacco, tourism and gambling.

It is the only American Indian tribe never to have signed a peace treaty with the United States.

Posted: 12|7|06 at 9:34 am. Filed under: Auction News.