Wembley announced it had secured a deal to sell its six UK greyhound tracks to MGM Mirage, the US gaming group which owns the MGM Grand Casino, for £270m. The board of Wembley agreed to back the takeover by the Las Vegas-based group, after US prosecutors agreed to separate Wembley's ongoing fraud case from the sale of the greyhound tracks. Wembley revealed in November it had received approaches from a number of potential buyers. Claes Hultman, chairman, said the ensuing takeover talks had until now been hindered by the court case over bribery allegations facing Lincoln Park, the company's US subsidiary. However, US prosecutors agreed to cap the maximum fine for the lawsuit to $8m (£4.4m). Wembley, which denies all the charges, has also given the spun-off company, which owns greyhound tracks at Wimbledon, Birmingham, Manchester, Portsmouth and Oxford a further $8m to cover costs. Shares in Wembley rose sharply following the announcement, up more than 22% in afternoon trade.