Former champions of the turf housed at Living Legends will reap the benefits from a $1 million fund that has been set up by the Victoria Racing Club.

The VRC Equine Wellbeing Fund will provide continued financial support to not only Living Legends but also to an upgrade of horse welfare standards at Flemington.

Living Legends will receive $220,000 over the next three years which will guarantee former champion racehorses such as 1997 Caulfield-Melbourne Cups winner Might And Power a home for life at Oaklands with ongoing support for the farm.

A new on-course hub to incorporate two Living Legends horses at Flemington race days as well as a horse from the Off The Track program will be built as a new destination offering education to patrons about thoroughbreds.

The fund will also enable the VRC to begin upgrades for improved equine post-race recovery.

New cooling aids will be installed in the race day tunnel taking horses from the mounting yard to the horse stalls area.

This comes on top of a recent initiative of ice-boots for all horses to use post-race, de-mister fans in the stalls area and additional staff to help with hosing down horses in the mounting yard.

The fund will be ongoing with the VRC hopeful club members, patrons, sponsors and partners will contribute to the care of thoroughbreds during and post their careers.