Racetrack and casino operator Wembley has sold its UK gaming business to Risk Capital Partners (RCP), the investment vehicle headed by leisure entrepreneur Luke Johnson.

RCP won a bidding battle for the troubled operator and acquired Wembley’s six UK race tracks for £50.3m on 26 February.

The six tracks include Manchester’s Belle Vue and Wimbledon in London and RCP is expected to take over the properties on 3 March.

Mark Elliott, Wembley’s chief executive, said: “We are delighted with the price obtained for the sale of our UK gaming division following the keen interest shown during the auction of these assets.

“The sale represents an important step towards the board’s intention of realising maximum value for our shareholders.” During the six months ended 30 June 2004, Wembley’s UK gaming division reported operating profits of £2m, while full-year turnover for 2003 was £25.5m.

At the end of June 2004, Wembley reported its net assets at £48.1m.

Earlier this month, Wembley’s US subsidiary – Lincoln Park – was acquitted of three bribery charges made against it and the jury at the Rhode Island trial were unable to reach a decision on the other six claims against the company.

Johnson, a fomer chair of Pizza Express, is currently the non-executive chair of Channel 4 and owns a number of leisure businesses – including the famous Ivy Restaurant Ivy in London and the Belgo and Strada chains.