The Jockey Club has announced it is to invest £45million into developing Cheltenham racecourse.

The proposed development will create a state-of-the-art new grandstand which will include new annual members’ facilities, general public viewing areas, private boxes and Royal Box facilities. Artist’s impression pictured.

The investment will include improvements for owners and trainers as well as including elevated walkways to ease mobility and multi-tiered viewing of the parade ring.

If permission is granted then the development will begin after next year’s Festival, to be completed in time for the 2016 main event.

More than 235,000 people attended the 2013 Cheltenham Festival.

Paul Fisher, of Jockey Club Racecourses, said: “Cheltenham Racecourse is not only one of The Jockey Club’s crown jewels, we recognise it is the home of Jump racing and one of the great theatres in British sport. It is vital we continue to invest in its appeal, the experience it offers and its success, for the good of British racing.”