The owner of the Miami Dolphins, the American football team, is teaming up with Qatar to take control of Formula One, in a $7bn-$8bn deal that could see the sport finally break into the US market.

RSE Ventures, a company founded by the 75-year-old property and sports tycoon Stephen Ross, wants to buy 35.5 per cent of the holding company that owns F1 from Europe’s largest buyout group CVC Capital Partners. It is being backed by Qatar Sports Investments, which also owns the Paris Saint-Germain football club.

Any deal would see Bernie Ecclestone, F1’s chief executive, also sell his holding of roughly 5 per cent. “My shares will be sold together with theirs,” he said. QSI is believed to want to ultimately buy the whole of F1, according to people close to the talks.