The Jockey Club has secured approval from Cheltenham Borough Council in the UK to construct a new £45m grandstand at Cheltenham Racecourse.
The new grandstand will replace the ‘A&R’ block, which was constructed in the 1920s alongside the existing main grandstand.
As per the plans, the current royal box, which was constructed in 1952, and 55 other boxes built in the 1920s and 1930s will be demolished.
The project will feature new annual members’ facilities, general public viewing areas, private boxes and the royal box.
Plans also include improvements to facilities used by owners and trainers and a better overall experience for the public, including elevated walkways for improved mobility and multi-tiered viewing of the parade ring.
Work on the project is due to start immediately after the 2014 Cheltenham Festival and is expected to complete ahead of The Festival in 2016.
Jockey Club Racecourses Cheltenham and South West regional director Ian Renton said, "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."
Jockey Club raised around £25m for the funding of the Cheltenham Racecourse development through the first retail bond in British sport and the remaining amount will be funded through cashflow, commercial agreements and bank financing.
The club, which runs 15 racecourses in the UK, has funded over £155m in the past decade on new and upgraded facilities, including new grandstands at Aintree and Epsom Downs.
Image: The new grandstand will replace the ‘A&R’ block, which was constructed in the 1920s. Photo: Courtesy of The Jockey Club.