At the end of last year, we reported Jaguar Land Rover's interest in acquiring a long-term lease of U.K. 's Silverstone Circuit. The deal that was reportedly worth $34.7 million has gone to the next step, with the track's controlling organization, the British Racing Driver's Club (BRDC), voting in favor of moving forward with negotiations with the British automaker.

Autocar reports that all 820 members of the BRDC voted on the matter, with a slight majority voting in favor of proceeding with a JLR deal. The next steps include discussions about logistics, finances, and the length of the lease. Now, the automaker is set to pay roughly $46.6 million to the club in installments, and looks to be pushing for a 249-year lease.

There's no timeframe for negotiations, but JLR may push to close the deal within the coming months. If the deal goes through, it's expected that racing activities will continue as normal, with Silverstone Circuits Ltd (SCL), a subsidiary of the BRDC, retaining its contract with Formula 1 Management to host the British Grand Prix until 2026.