The Melbourne Racing Club has announced plans for a $300 million redevelopment of Caulfield racecourse that includes a second turf track.

Redevelopment plans also include a new grandstand and raceday stalls and a relocation of the mounting yard.

The MRC recently secured a 65-year lease on the crown land that Caulfield racecourse sits and under the terms training must cease at the track by November 2023.

MRC chief executive Josh Blanksby said the club had a number of assets and holdings in different business interests and will be going through a rezoning process for some of the freehold land it owns at Caulfield.

Blanksby hopes the installation of the second track will enable Caulfield to increase its number of meetings from around 25 to between 40 to 45 per year with the potential to hold night meetings.

The MRC also races at Sandown and Mornington and Blanksby said no decision had been reached on the future of Sandown which is an industry workhorse and well-liked by participants.

Blanksby said an application will be placed to rezone Sandown, a process that could take up to two years, to see what the opportunities are.

"It's not necessarily that we have to sell Sandown to pay for these announcements," Blanksby told RSN927.

"We are a members' club and they'll make a decision on what the racing footprint is.

"It plays a huge role in the racing industry as well as car racing.

"There's no perceivable changes to those activities at the moment but it would be remiss of us not to look at all of our assets, see what they are and if they could be used in a more efficient way."