The following report from Robert Barr, Associated Press:

The Seminole Tribe of Florida is buying the Hard Rock business, including its massive collection of rock 'n' roll memorabilia, in a $965-million (US) deal with British casino and hotel company Rank Group PLC.

The Hard Rock business includes 124 Hard Rock Cafes, four Hard Rock Hotels, two Hard Rock Casino Hotels, two Hard Rock Live! concert venues, and stakes in three unbranded hotels.

With it, the tribe acquires what is said to be the world's largest collection of rock memorabilia, some 70,000 pieces including JIMI HENDRIX' Flying V guitar, one of MADONNA's bustiers, a pair of ELTON JOHN's high-heeled shoes and guitars formerly owned by BOB DYLAN, ERIC CLAPTON and CHUCK BERRY.

Seminole tribe chairman Mitchell Cypress and Seminole Gaming chief executive officer James Allen said in a statement that the tribe would work with current Hard Rock International management to build on existing growth plans.

“This is a proud moment for the Seminole tribe of Florida and for all Indian tribes,” said Mr. Cypress, who heads an elected tribal council. “It is also an opportunity for the Seminole tribe to diversify its business operations and help a very successful company to achieve even greater growth.”

In addition to its two Seminole Hard Rock hotels and casinos, the Seminole tribe owns and operates five other casinos in Florida.

Rank said it would keep the Hard Rock Casino in London but under the Rank Gaming brand.

“We have maximized the value of Hard Rock through this disposal following a thorough strategic review and competitive auction,” said chief executive Ian Burke said.

The company will also pay shareholders a special dividend from part of the proceeds of the sale, which is subject to shareholder approval and scheduled to be completed in March.

Mr. Burke said the company would return $690-million of the sale proceeds to shareholders in a special dividend of $1.28 a share.

Last year, Hard Rock posted revenue of $493-million and profit before interest and tax of $68.6-million, Rank said.