DETAILS of a £100m plan to build one of Europe's top racecourses in the North-East have been unveiled.

The Seahorse Group, which includes current Redcar Racecourse owner Lord Zetland, has announced proposals to buy a 537-acre site around Dunsdale Farm, two miles south of Redcar, to build a £100m racecourse and leisure development.

The planned racecourse would replace the town centre site, which would be redeveloped, possibly as housing or an industrial site.

Lord Zetland said: "We have the opportunity to take racing into the 21st Century at a marvellous new site outside Redcar. We aim to build state-of-the-art facilities to bring top quality racing to the area and, in addition, our plans for the new super racecourse will be supported by extensive leisure facilities."

If the plans are given the go-ahead, the old course would remain open until the completion of the new development, which could be opened by 2003. Under the plans, the Seahorse Group would offer to buy Redcar Racecourse from its owner, Redcar Racecourse Ltd. Its shares would then be listed on the stock market to raise cash for a year-long feasibility study and to purchase the new racecourse.

The leader of the Liberal Democrats, Coun Chris Abbott, whose ward is on the boundary of the existing racecourse, welcomed the proposal. He said: "If this means that Redcar is going to get a splendid new racecourse and the old one will be developed for housing with a cross-town route, it will be a marvellous thing for Redcar."

Lord Zetland has resigned from his position as a director and chairman of Redcar Racecourse Limited. His replacement, Peter Hill-Walker, said that although the approach from Seahorse was unsolicited, the board would consider carefully this and any other offer it may receive.