Race track operator Wembley has agreed a conditional sale agreement of its US gaming operations in a move which could eventually see the company wound down.

BLB, which currently holds a 22 per cent stake in the company, has tabled a bid worth US$339, which would see it take over Wembley’s operations at Rhode Island and Colorado.

Last October, the company hinted that heavy reliance on US-based operations could result in its offloading its UK racetrack operation, GRA, in order to become a US-only business.

The Wembley board now seems to have changed its mind and opted to sell off all its assets, as the company has also revealed its intention to sell its UK businesses.

A spokesperson said: “We have become a track-based gaming group which is highly dependent upon the Lincoln Park operation in Rhode Island.

“As a consequence of the risks associated with being so heavily dependent on a single profit source, the board concluded that it would be in the best interests of shareholders to explore a possible sale of the group.”

The sale of its US assets is conditional upon BLB agreeing a long-term revenue sharing arrangement for the Lincoln Park operation with the State of Rhode Island.

Rhode Island’s senator, Joseph Montalbano, said: “A long-term revenue framework is necessary for BLB to make a sizeable investment in our state, and I look forward to working with my colleagues to ensure that investment is made.”

BLB is a joint venture between Kerzner International, Starwood Capital and Waterford Group.