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Work will start on a new racing heritage centre in Newmarket next month, after £15m has been raised to support the project.

The National Heritage Centre for Horseracing Sporting Art will be at Palace House Stables, once the site of King Charles II’s court.

The new centre will replace the Racing Museum on Newmarket High Street. Construction is expected to start in September, with the aim of opening in late 2015. Funding has come from the Heritage Lottery Fund, grants and private donations.

“Our mission is to protect the heritage of horseracing by preserving its past, celebrating its present and safeguarding its future,” said Christopher Tregoning, the Museum’s honorary treasurer.

The news was announced at Banstead Manor Stud earlier this month (9 July) at a stallion parade— featuring Frankel — in support of the National Horseracing Museum in Newmarket.

It will also house collections of the British Sporting Art Trust, act as a new shop window for Retraining of Racehorses (RoR).

Peter Jensen, chairman of the Home of Horseracing Trust added: “I am delighted that we reached our £15m fundraising target which allows us to start building at the Palace House site.

“I must thank our founding and major donors (including Prince Khalid) many of whom have supported us from the very earliest days of the project.

“I would also like to take the opportunity this evening to thank His Highness Sheikh Mohammed for his support, who’s generosity has now taken us over the line and will allow us to award the building contract later this month.”