KEMPTON Park, one of London’s historic racecourses, is set to be sold for a housing development as part of the British Jockey Club’s plan to spend at least £500 million on British racing over the next ten years.

If the redevelopment is approved, a new, floodlit, all-weather course will be built, planned for The Links at Newmarket.

Nearby Sandown Racecourse would receive major investment as part of the plans, with the 32Red King George VI Chase set to move to the course permanently.

If development was permitted the Jockey Club said it would be looking to ensure it generates at least £100m. Racing would continue at Kempton until at least 2021.

The Jockey Club would also require the new all-weather track to be operational before any changes at Kempton.

Roger Weatherby, a senior steward of the Jockey Club, said it had been a tough decision to make. “The Jockey Club is governed by Royal Charter to act for the long-term good of British racing,” he said.

“One of the ways we want to live up to that is through a series of projects that offer benefits all around the country and collectively add up to us contributing more than half a billion pounds to the sport over the next decade from its grassroots to top level.

“We must show leadership with the assets we have and, where merited, take tough decisions to help our sport to keep moving forwards.”