The Jockey Club has announced the issue of a bond that intends to raise GB£ 15 million or more to help fund the redevelopment of Cheltenham racecourse.
The Racecourse Bond will allow investors to invest between GB£ 2,000 and GB£ 100,000 in the bond, which will pay 7.75% gross interest per annum over a minimum five-year term. This 7.75% interest will consist of 4.75% in cash and 3% in ‘Rewards4Racing’ points that can be put towards to racing ticket discounts and other hospitality services at Jockey Club racecourses.
Paul Fisher, Group Managing Director of Jockey Club Racecourses, explained: “Several million people every year enjoy a day at the races, whether you are lifelong fan of the sport or just love a great day out. Our racecourse bond offers you generous cash returns at a time of rock-bottom interest rates, with a racing rewards element that can pay for your racing experience at any of our 15 courses nationwide.”
The Jockey Club is planning a GB£ 45 million redevelopment of the Grandstand at Cheltenham racecourse. Subject to planning permission, the main phase of development will begin after the Cheltenham Festival in 2014 and be completed in time for the Cheltenham Festival in March 2016.
Ian Renton, South West Regional Director of Jockey Club Racecourses, stated: "Over the course of a successful 2013 Festival, we gathered customer feedback asking us to improve bar facilities, increase the number of toilets, provide further viewing opportunities of the racing and the parade ring and help improve circulation on the busiest days.”
"This new development will deliver all these enhancements as well as offering much improved facilities for Annual Members and Owners & Trainers, an excellent facility for our existing A&R [current grandstand] boxholders, and new opportunities through additional hospitality areas and viewing boxes to generate revenue to reinvest into racing.”
