Qatar buying Silverstone lease

UPDATE This rumor is downgraded to 'false' today. Reports that Qatar is the likely buyer of the $400m lease of British grand prix venue Silverstone have been denied.

A British newspaper this week said the Arab emirate's sovereign wealth fund is in exclusive talks for the 150-year lease with track owner The British Racing Drivers' Club.

But the Gulf Times said the Qatar Investment Authority rejected the "authenticity of press reports … that it is a close to a deal" over Silverstone.

And an official source told the Qatar News Agency that there are "no relevant negotiations, currently nor in the past, in this respect".

08/28/11 (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.