Last year, The Jockey Club made history by launching the first retail bond in British sport and raised almost £25 million to financially aid Cheltenham Racecourse’s grandstand development.
Along with £20 million secured through a combination of bank financing, commercial deals, the Group’s trading cash flow and a Levy Board capital fund loan, the bond raised enough for work to begin on the site by the end of this month – after one of the most significant meetings in the racing calendar, the Cheltenham Festival, has taken place.
This week, The Jockey Club revealed that construction group Kier has been awarded the role of main contractor during the development process and will spearhead the single largest ever investment to be made into Cheltenham Racecourse. The new grandstand has already been designed by Roberts Limbrick Architects of Gloucester, and if all goes to plan will open in time for The Festival in 2016.
Cheltenham and South West regional director for Jockey Club Racecourses, Ian Renton, believes Kier’s contribution will allow the racecourse to realise its full potential.
He says; “I’m delighted the full funding required for our new grandstand has been secured and welcome Kier to the project as our main contractor following their highly impressive tender.
“We will work closely together to ensure the development is delivered on time and within budget.
“The building work will begin in earnest after The Festival and we have an exciting 22 months ahead until it is ready in time for The Festival in 2016.”
The development has been named one of the most exciting in British horseracing in recent years, largely due to the modern design which will create elevated walkways and incorporate a multi-tiered amphitheatre around the parade ring to improve mobility and experience for customers. In addition to these improvements, Kier will also construct private boxes, a Super Club and Royal Box to improve the facilities for annual members.
This is not the first time that Kier has worked with The Jockey Club at Cheltenham Racecourse as the local firm, which has an office in Cheltenham itself, was responsible for the creation of The Centaur, a £17 million project which gave the racecourse one of the largest events spaces in the local area.
Kier’s contracts manager for the grandstand project, Ian Heeley, says; “We are delighted to secure this contract after many months of hard work and are thoroughly looking forward to working with the client team, the designers and our local supply chain to deliver high quality new facilities at Cheltenham Racecourse.
“There is a real buzz around the whole team involved in this project as we prepare to commence operations on site following The Festival.
“The Kier project team all live locally and we understand the importance of the racecourse and The Festival to our local economy and community.”
Do you think other sporting grounds considering development or re-developments on their sites should follow The Jockey Club’s example by attempting to source local contractors wherever possible?
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