From GMM
Qatar's sovereign wealth fund has been named as the likely buyer of the lease of British grand prix venue Silverstone.
The Independent newspaper said the Northamptonshire venue's owner the British Racing Drivers' Club is signing a 150-year lease with the bidder "for around $400m".
The news ties in with the recent lodgement of plans to develop the area around the circuit with business and technology parks, a welcome centre, a motor sport museum, an education campus and three hotels.
Managing director Richard Phillips said of the plans recently: "This is the most important initiative that Silverstone has taken in its 60-year history."
The Independent adds that Qatar Investment Authority - already owning shares in the London Stock Exchange, Volkswagen, Harrods, Miramax and French football club Paris Saint-Germain - is in exclusive talks with owner the British Racing Drivers' Club.
Due diligence is taking place now and "a final decision is expected in the next six months", said the British newspaper.
The report said part of the deal is that the 150-year leaseholders will have to maintain Silverstone "to make it suitable to retain the British grand prix" beyond 2017.
Bernie Ecclestone, already in control at Paul Ricard and Turkey's Istanbul Park, has denied he is the buyer of the Silverstone lease.
Qatar is one of the Arab emirates in the Middle East, located next to South Arabia and across the strait from Bahrain.
Qatar's sovereign wealth fund has been named as the likely buyer of the lease of British grand prix venue Silverstone.
The Independent newspaper said the Northamptonshire venue's owner the British Racing Drivers' Club is signing a 150-year lease with the bidder "for around $400m".
The news ties in with the recent lodgement of plans to develop the area around the circuit with business and technology parks, a welcome centre, a motor sport museum, an education campus and three hotels.
Managing director Richard Phillips said of the plans recently: "This is the most important initiative that Silverstone has taken in its 60-year history."
The Independent adds that Qatar Investment Authority - already owning shares in the London Stock Exchange, Volkswagen, Harrods, Miramax and French football club Paris Saint-Germain - is in exclusive talks with owner the British Racing Drivers' Club.
Due diligence is taking place now and "a final decision is expected in the next six months", said the British newspaper.
The report said part of the deal is that the 150-year leaseholders will have to maintain Silverstone "to make it suitable to retain the British grand prix" beyond 2017.
Bernie Ecclestone, already in control at Paul Ricard and Turkey's Istanbul Park, has denied he is the buyer of the Silverstone lease.
Qatar is one of the Arab emirates in the Middle East, located next to South Arabia and across the strait from Bahrain.