Cheltenham Racecourse Redevelopment

19 July 2013, 11:04 | Updated: 19 July 2013, 11:28

Cheltenham racecourse has been granted planning permission by Cheltenham Borough Council for the track's proposed £45million development project.

The Jockey Club's approved blueprint includes the creation of a new grandstand, redesigned annual members' facilities and new general public viewing areas and private boxes.

The main development is scheduled to begin immediately after the 2014 Cheltenham Festival, with a planned completion date ahead of the Festival in 2016.

Ian Renton, Cheltenham and South West Regional Director for Jockey Club Racecourses, said:

"I am delighted that Cheltenham Borough Council has approved the application and am most grateful for the very positive support received from the local community. The new development will enable us to provide facilities for our racegoers in keeping with the quality of the National Hunt Racing on offer at Cheltenham and ensure that Cheltenham Racecourse enhances its status as a world-class sports venue for many years to come."

The proposed development will create a state-of-the-art new grandstand alongside the existing main grandstand, replacing the circa 1920s 'A&R' block. It will include new annual members' facilities, general public viewing areas, private boxes and the Royal Box. The project will include improvements for owners and trainers, and focus on enhancing the overall customer experience at the racecourse, including elevated walkways to ease mobility and multi-tiered viewing of the parade ring. A detailed planning application for the development was submitted to Cheltenham Borough Council at the end of April 2013 after a successful public consultation.

During the construction period, Cheltenham will be able to continue staging its race programme as normal.

At a projected £45 million, the development will be The Jockey Club's largest single investment in facilities and builds on more than £80 million invested in facilities at Cheltenham in the last 30 years. The Jockey Club, which is the largest commercial group in British horseracing, raised nearly £25 million towards the funding of the Cheltenham Racecourse development through the first retail bond in British sport. The remainder of the capital will be funded through cashflow, commercial agreements and bank financing.