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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It will be a breezy, but still a rather cloudy day across the region with intermittent drizzle possible.
Remaining cloudy but with a freshening southeasterly breeze helping to clear much of the mist and hill fog.
Another cloudy and murky night with extensive low cloud giving hill fog and some patchy light rain or drizzle.