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Rank Group completes sale of Hard Rock to Seminole Tribe

06 March 2007 by
Rank Group completes sale of Hard Rock to Seminole Tribe

Rank Group has completed the controversial sale of its Hard Rock business to the Seminole Tribe of Florida.

Rank has collected £502m through the deal, up from the £490m announced last year due to a favourable change in exchange rates.

Rank Group announced in December that it would be selling to the tribe, which have a number of gaming interests including casinos.

Although shareholder approval was granted on 8 January, a rejected suitor for the Hard Rock business launched a lawsuit alleging malpractice in the same month.

In the lawsuit development firm Cordish and a partner, Power Plant Entertainment, claim Hard Rock's management secretly negotiated with the Seminoles for seven months before the plans to sell were announced, meaning the bidding process was not fair and open.

The disposal of its leisure assets, including Hard Rock café, transform Rank into a pure gaming company.

Rejected Hard Rock suitor alleges malpractice >>

Rank Group sells Hard Rock business >>

Hard Rock website >>

By Chris Druce

E-mail your comments to Chris Druce](mailto:chris.druce@rbi.co.uk?subject=Rank Group completes sale of Hard Rock to Seminole Tribe) here.

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