The project involving the function centre being constructed over a revamped bookmakers’ ring was first mooted in late 2016.

The racecourse grandstand which was opened in 1929 will remain untouched.

Shadow racing minister Tim Bull will join member for Benambra Bill Tilley in Wodonga today for the announcement.

“It’s an investment in a community asset that saw more than 60,000 people pass through the gates last year supporting a wide range of events,” Mr Bull said.

”A Liberal Nationals Government will continue to support proactive clubs with investments that benefit the club and wider community.”

The federal government’s stronger regions funding package will also be targeted to support the overall cost of $7 million.

The club is committing $900,000 to the project with the racing industry chipping in a further $300,000.

More than 30 groups have used the racecourse and showgrounds precinct in the past 12 months.

They include schools, sporting clubs, charities, agricultural organisations, Lions club and CFA.

Wodonga Council’s annual children’s fair is also staged at the racecourse.

Club general manager Tom O’Connor said the upgrades would bring its facilities into the 21st century.

“To get this commitment from the Liberal Nationals to kick-start the project is fantastic,” he said.

The club stages around 10 race meetings each year including the Gold Cup meeting which is backed by a public holiday in lieu of Melbourne Cup until 2021.

Earlier this year, the club confirmed it would drop its traditional Boxing Day meeting.

The caravan and camping show is also hosted at the racecourse and starts today.

“I’m confident this development will turn the racecourse into a much needed major events centre,’ Mr Tilley said..

“It’s important this announcement is not just about racing.

“This for the local community of Wodonga.”

The proposed function centre will accommodate 575 people for a cocktail event and 438 for a banquet event which will make it bigger than The Cube in central Wodonga.