The High Court has cleared the way for the Ascot Authority, established in 1913 to "promote the welfare and prosperity of the Ascot races," to expand its management scope beyond mere fundraising.

The racetrack received approval to incorporate its business, which it needed in order to pursue a comprehensive redevelopment plan, Sporting Life reports.

The Ascot Authority will reorganize its corporate structure to include a board comprised of three trustees, the chief executive, the finance director, and two new non-executive officers. Those two posts are to be filled by John Varley, group finance director of Barclays, and Simon Murray, former director of major projects and investment at Railtrack, a company that owns most of Britain's railway infrastructure.

Executive director positions that will oversee planning, commercial development, racing, and facilities and estates will also be appointed.

"The ability to update our business structure, through incorporation, is an important milestone in this next era for Ascot," said the Queen's representative at Ascot, Lord Hartington, who will act as chairman.