The Gold Coast already has a reason to celebrate even before the Magic Millions carnival gets underway.

In an announcement today from Racing Queensland the Gold Coast Turf Club has secured a multimillion dollar grant to redevelop their Bundall racecourse.

The Queensland Government will be fronting the cash which follows the signing of a heads of agreement between the GCTC and Racing Queensland.

Chairman of RQL Bob Bentley said $35.4 million would be spent on a complete overhaul for the circuit just out of Surfers Paradise.

“This has been a long process and a lot of compromise between both parties has made this possible including RQL deciding against seeking equity in the club,” Bentley said.

“Both RQL and GCTC want the best outcomes for racing on the Coast and I am delighted we could reach this agreement.”

Brett Cook, chairman of the GCTC, said this was a win for all sections of the racing community whether they be spectators, trainers or owners.

“The funding grant will mean Bundall’s racing, members and training facilities will receive a significant upgrade to take the racing facility to a metropolitan standard,” Cook said.

“The long term contract between the owners of Magic Millions and Events Queensland, coupled with the upgrade to the track and facilities, would further enhance racing on the Gold Coast and significantly increase its overseas appeal.”

John Singleton caused a huge stir earlier today when he said the funding announcement would trigger Magic Millions boss Gerry Harvey to boost prize money for the Magic Millions Classic to $10 million.

Harvey later rejected the claim and said prize money would remain unchanged for the time being.