LONDON (REUTERS) - England's Football Association is in negotiations to sell Wembley Stadium, the home of the national football team, to American billionaire Shahid Khan, owner of the Jacksonville Jaguars American football team.

A spokesman for the FA confirmed on Thursday (April 26) that it had received an offer to buy the stadium.

British media said the deal could be worth up to £1 billion (S$1.85 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 US National Football League season.

British media reported that Khan, who is worth US$7.2 billion (S$9.6 billion) according to Forbes, is ready to pay more than £500 million.

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

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