Cheltenham: how the course will look after the work is completedPICTURE: The Jockey Club
Cheltenham granted planning permission
CHELTENHAM has been granted planning permission for a £45 million redevelopment of the racecourse following a meeting of Cheltenham Borough Council on Thursday night.
Plans for the work were submitted to the council at the end of April and they were given the go-ahead with a vote of 11-0 with no abstentions.
The proposed development will replace the 1920s A&R block which contains private boxes, with a new grandstand which will include new annual members' facilities, general public viewing areas, private boxes and Royal Box facilities.
Work is scheduled to start straight after the 2014 Cheltenham Festival and to be completed before the 2016 meeting.
Cheltenham will continue its race programme as normal during the construction.
"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," said Ian Renton, Cheltenham and south west regional director for Jockey Club Racecourses.
"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 enhances its status as a world-class sports venue for many years to come."
At a projected £45m, the development will be The Jockey Club's largest single investment in facilities. Nearly £25m was raised towards the funding of the work through a retail bond, the first of its kind in British sport. The remainder of the capital will be funded through cashflow, commercial agreements and bank financing.