It's the largest ever investment into a racecourse by the commercial group. The £45 million vision would see a new state-of-the-art grandstand in place of the current 'A&R' stand built in the 1920s.
It would include new annual members' facilities, general public viewing areas, private boxes and Royal Box facilities.
The plans are subject to planning consent, with a detailed application being submitted to Cheltenham Borough Council by the end of April.
Braving the cold at the Cheltenham Festival the coats have stayed on and lots of fur has been on show, but despite the weather the hats have been no less impressive.
Styles this year seem to favour smaller hats with plenty of feathers making an appearance.
How does Ladies' Day compare to last year?
The Cheltenham Festival should get away with a dry and bright day after a cold start, we should see temperatures of around 6C this afternoon, so nowhere near as cold as yesterday.
A pensioner from Rotherham who is visiting the Cheltenham Festival remains missing on Wednesday.
Friends of 70 year old Philip Lucas last saw him around 5.50pm on Tuesday.
He was supposed to be staying in Cranham during the week of the festival.
Gloucestershire Constabulary have told ITV News West Country that they received a report of a possible sighting of Mr Lucas in the Kings Arms public house around 11.15pm on Tuesday, but there has been no confirmed information about his whereabouts.
After being rushed to hospital yesterday, racing pundit John McCririck's agent says John fully intends on being back on the course at Cheltenham today.
With the first race being delayed by only 5 minutes, horses at Cheltenham have started warming up despite the snow.
Thousands of spectators are expected for the Gold Cup week.
The Cheltenham Festival will open later amid warnings for race goers to leave extra time due to the poor weather.
It will be a frosty start at Cheltenham, with the best of the brighter skies early on in the day.
But it is a measly 3c, meaning it will feel bitterly cold in the wind chill.
Wind chill down to -12 last night. 95% of track fine. Inspection 10.30am. Remain v confident that racing will go ahead