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.
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Brighter but colder conditions with scattered showers. Showers turning increasingly to sleet and snow throughout the day.
Early rain will soon be followed by blustery and increasingly wintry showers, giving way to a brighter but colder afternoon.
A largely mild, cloudy night with outbreaks of rain becoming more persistent from the northwest, perhaps turning heavy in places too.