Cheltenham Borough Council last night gave
planning consent to The Jockey Club's proposed £45 million development project
at its flagship Cheltenham Racecourse.
Commenting on the news, 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.
The main development is scheduled to begin
immediately after the 2014 Cheltenham Festival with a planned completion date
ahead of The Festival in 2016. 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.
The Jockey Club, which runs 15 racecourses
in the UK, including Cheltenham, Aintree, Epsom Downs and both the Rowley Mile
and July Course in Newmarket, has funded more than £155 million in the last ten
years on new and upgraded facilities for customers and racing's participants,
including new grandstands at Aintree (£31 million, two grandstands) and Epsom
Downs (£28 million, one grandstand).
Notes to Editors
Download a 3D flyover film of the
development concept here:
Before and after shots:
About The Jockey Club:
The Jockey Club
has been at the heart of British horseracing for 263 years and today is the
largest commercial Group in the sport. Its interests include:
- Jockey Club Racecourses: The UK's
largest racecourse group by turnover (2012: £141.2m), racecourses (15),
attendances (2012: 1.8m), quality racing (Group and Graded), total prize
money (2012: £35.3m) and contribution to prize money (2012: £16.5m).
Runs
a diversified portfolio of 15 racecourses in Great Britain: Aintree, Carlisle,
Cheltenham, Epsom Downs, Exeter, Haydock Park, Huntingdon, Kempton Park, Market
Rasen, Newmarket (July Course and Rowley Mile), Nottingham, Sandown Park,
Warwick and Wincanton.
The
group stages four of the five 'Classics' of Flat racing (the Derby and the Oaks
at Epsom Downs and the 1000 Guineas and 2000 Guineas at Newmarket), as well as
the Cheltenham Festival and the Grand National at Aintree.
- Jockey Club Estates: The
property and land management company responsible for the management and
administration of more than 5,000 acres of land in and around the racing
training centres of Newmarket and Lambourn, as well as an extensive
property portfolio, including the Jockey Club Rooms.
- The National Stud:
Transferred from Government to The Jockey Club in 2008, The National Stud
is a commercial thoroughbred breeding enterprise with a commitment to
provide training and educational programmes.
- Racing Welfare: A racing charity and
company limited by guarantee with The Jockey Club being the sole member.
The principal objective of Racing Welfare is to provide help to those in
need who work or have worked in the thoroughbred industry, and their
dependants.
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