The billionaire Reuben brothers have revealed plans for a multimillion-pound redevelopment of Newcastle Racecourse and High Gosforth Park.
The proposals have been launched by Arena Racing Company (ARC), the sporting group owned by entrepreneurs David and Simon Reuben.
ARC aims to boost the international prestige of the racecourse, create new jobs in hospitality, tourism and construction, and draw thousands of visitors into the city.
Improvements across the racecourse estate will include a 3,500 sq m events centre, as well as significant refurbishment of the public and hospitality areas and racing staff accommodation, the Chronicle reported.
The plans for High Gosforth Park involve the development of high quality residential accommodation, along with refurbishment to the listed Brandling House and the associated public space to fit in with the heritage of the site.
It follows development work two years ago which saw the installation of the all-weather track and flood lights.
ARC expects to submit plans to Newcastle City Council this autumn.
David Williamson, executive director of Newcastle Racecourse, said: “Our plans will complete the transformation of Newcastle Racecourse into a world class sporting venue. The development of the racecourse and the wider High Gosforth Park Estate will provide a significant boost to Newcastle’s local economy and help create a number of jobs.”
Racecourse group ARC owns and operates 16 turf and all-weather racecourses in the UK. Last year, it bought the Newcastle and Sunderland greyhound stadiums from bookmakers William Hill.