The Qatar Investment Authority (QIA) is in talks to buy the UK F1 racing track at Silverstone, in a $250m deal for a 150-year lease on the site.

According to the London-based Independent newspaper, QIA is in exclusive negotiations on the site with current owners of the circuit, the British Racing Drivers’ Club (BRDC). The Qatari sovereign fund has started due diligence on the deal and is expected to make a decision in the next six months.

Funds from the deal are expected to be used to finance further development at the circuit.