The proposed circuit in the Royal Docks in the east end of London have been given the green light to go ahead.
According to a report in the Daily Mail, US investment firm 777 Partners and an unnamed UK sports group are looking to build a brand new complex at the Royal Docks in Newham, east London that would be capable of hosting a grand prix.
It could have been nearer completion but progress was delayed by the covid-19 pandemic.
Max Verstappen and Lewis Hamilton are among the Formula One drivers who could take part in a London Grand Prix in Newham – Credit: PA
777 Partners founder Josh Wander, said: ‘We are hopeful that it is coming. We are hugely excited about it.’
‘There will be an electric atmosphere as the greatest athletes in the world, along with an international fanbase and the world’s largest companies as sponsors, descend on the Docks for race weekend.
‘More importantly, we will build a world-class sports and entertainment complex that can serve the community year-round and revitalise the surrounding areas. It is the type of thing you really can’t quantify until it actually happens, but the impact is dramatic.’
Unmesh Desai, London Assembly member for City and East, said: ‘It is about opening up east London.
‘There is so much potential and that is why Formula One want to be involved. They believe in us and we believe in them. It is a two-way partnership.
‘When Formula One and other major events come to east London, it will show that we are now firmly on the map. I am more than hopeful. It will happen.’