George Osborne wants to have an NFL franchise based permanently in London within the next five years to confirm the city's status as the "sporting capital of the world".

The chancellor met with NFL executives, team owners and former players at Downing Street as the Miami Dolphins prepared to face the New York Jets at Wembley stadium on Sunday.

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George Osborne with former NFL players Dan Marino, right, and Curtis Martin. Photograph: Justin Tallis/PA

Osborne said he would "love to have a team here based in the UK playing in the NFL" and he believed Britain was making steps towards that goal. "The real prize, the real touchdown for London, would be to get a team based here," he said.

When asked about the potential timeframe for such a move, Osborne said: "Hopefully it is something we could achieve in the next few years, maybe four or five years' time. These things can't change overnight because obviously teams are already based in some home cities in the States. But I am in talks with the NFL, sorting out the arrangements.