Denmark is looking to join the Formula 1 calendar in 2020 and has begun putting plans in place for a race around the streets of the country's capital city, Copenhagen.
The project is being led by Danish businessman Lars Seier Christensen, co-founder of former Lotus and Renault sponsor Saxo Bank.
The 54-year-old met with Liberty Media in London this week in what he described as a "very positive meeting" to discuss the proposal and to gain their support before moving ahead with the next steps, which is to now secure the financial investment.
"My task in the project is to initially assemble the private investment, and I will spend the next six months [doing so]. But before I started, it was important that we have the political will and support from Liberty Media," Christensen told Denmark's BT.
"It was the very positive meeting in London, and now I will spend the next six months to gather the necessary investors. It is an expensive project for us to both build the course and pay the license to Liberty.
"I would not mention specific amounts, but there are hundreds of millions of Kroner [needed]."
Renowned circuit designer Hermann Tilke has already visited the city to map out a possible route which was also presented to Liberty Media during the meeting.
Former minister for science Helge Sander is also involved in the project and says it's never been closer to reality.
"It's three years of work that has now reached a point where we believe that it is possible," he added. "It has never been closer than it is now. The indications are good from all sides."
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