Negotiations on to sell Wembley Stadium

England's Football Association is in negotiations to sell Wembley Stadium, the home of the national football team, to U S billionaire Shahid Khan, owner of the Jacksonville Jaguars American football team.

A spokesman for the FA confirmed on Thursday it had received an offer to buy the stadium. British media said the deal could be worth up to 1 billion pounds ($1.40 billion).

Under the plan, the FA would keep Wembley as the main venue for major matches, including England internationals and the FA Cup final, but the national football team could play elsewhere in October and November due to clashes with the U S National Football League season.

British media reported that Shahid, who is worth $7.2 billion according to Forbes, is ready to pay more than 500 million pounds.

He would also allow the FA to keep the Club Wembley debenture and hospitality business that is valued at a further 300 million pounds.

The money would allow the governing body to reinvest in the English game's grassroots, particularly pitches.