Max Osceola and William Osceola (L) of the Seminole Tribe of Florida hold a Hard Rock Cafe jacket[AFP]

"The Rank Group announces that ... it has reached an agreement with Seminole Hard Rock Entertainment, a wholly owned subsidiary of the Seminole Tribe of Florida, to sell the Hard Rock business for a total consideration of 965 million dollars," Rank said in a statement.

Following completion of the sale, expected in March next year, British gaming group Rank intends to return 350 million pounds (518 million euros, 689 million dollars) to shareholders via payment of a special dividend.

In early morning trading, the price of shares in Rank fell by 1.59 percent to 262.25 pence on London's second-tier FTSE 250 index, which was down 0.17 percent at 10,841.90 points.

Seminole already owns hotels, casinos and holidays resorts in Florida, but in buying the Hard Rock Cafe business it becomes the owner of one of the best-known international restaurant brands and the proprietor of more than 120 outlets in 40 countries.

The first Hard Rock Cafe, which was opened in London in 1971, will remain the property of Rank however, the British gaming and leisure group said.

On the website of the Seminole Tribe of Florida, the group say they are "one of most successful native business peoples in the United States today".

They generate 90 percent of their revenues from casinos, where 7,000 people are employed, but also have cattle and fruit farming operations.

"Today the Seminole casinos support a growing infrastructure for the Seminole community's health and welfare, public safety, education and other services," the group says on its website.

The Hard Rock Cafe group includes 124 restaurants, four hotels and two casino-hotels, as well as two Hard Rock live music venues.

The Hard Rock casino in London is excluded from the sale however and will be retained by Rank and rebranded.

Rank put the restaurant chain up for sale in July in order to focus its business on its 35 casinos in Britain and Belgium and its 124 bingo halls across Britain and Spain.

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

"We have maximised the value of Hard Rock through this disposal following a thorough strategic review and competitive auction."

Founded by Americans Isaac Tigrett and Peter Morton, the Hard Rock Cafe has become the world's leading collector and exhibitors of rock 'n' roll memorabilia, according to its website.