Aug.28 (GMM) Qatar's sovereign wealth fund has been named as the likely buyer of the lease of British grand prix venue Silverstone.

The Independent said 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.

Qatar is one of the Arab emirates in the Middle East, located next to South Arabia and across the strait from Bahrain.

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