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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The pellet pierced two-year-old Pemble's right eye, causing irreparable damage to the iris.
The driver and passenger were shaken but otherwise unhurt.
The driver was parked up in a lay-by in Leicestershire when a man approached him.