England's Football Association (FA) is in negotiations to sell off Wembley Stadium, home of the country's national soccer team, to U.S. billionaire Shahid Khan, owner of the Jacksonville Jaguars football team.
A spokesman for the FA confirmed Thursday an offer had been tabled to purchase the stadium, with reports suggesting the deal could be worth somewhere between £800 million and £1 billion pounds ($1.1 and $1.4 billion).
Under the plan, the FA would keep Wembley as the main venue for major games, including England internationals and the FA Cup Final, but the England team could play elsewhere in October and November due to clashes with the U.S. National Football League season.
Khan is no stranger to British sport — he also owns West London soccer side Fulham, which is currently in line for promotion back to the Premier League from England's second tier.
Shortly after the news was announced Thursday, Khan issued a statement saying, "We would strive every day of the year to be the best possible steward for a venue that is iconic." The statement also made it clear that this venture is completely separate to his interests at Fulham.