Tribe wins Hard Rock OK

South Florida Business Journal

Approval of the $965 million deal came at a general meeting held earlier today in London. The Hollywood-based tribe said it expects to close the sale by March 5.

"Today is a momentous day for the Seminole Tribe of Florida and Hard Rock International, thanks to approval by shareholders of the Rank Group of the tribe's purchase of Hard Rock," the tribe said in a statement. "As has been widely reported, the purchase is the first of a major international corporation by a Native American Indian tribe."

The tribe has said more than 90 percent of its budget is derived from gaming revenue. It has predicted the Hard Rock International purchase to provide additional diversification sought by the Tribal Council.

Other tribe business operations include cattle ranching, citrus production, tourism promotion, sports management and tobacco sales. Nearly 3,300 Seminole Indians live on and off reservations throughout Florida.

But their tribe's deal with Rank isn't without a wrinkle.

The tribe does face a lawsuit from Cordish Co. and its affiliate, Power Plant Entertainment LLC, alleging bidding for the Hard Rock brand was rigged so the tribe would win the restaurant and hotel/casino chain. The tribe has deemed the suit without merit and part of a Cordish pattern to obstruct the successful enterprises of Seminole Hard Rock Entertainment and the Seminole Tribe of Florida.

The Seminole tribe sued Cordish in May, seeking to break their partnership.