The Victoria Racing Club will farewell 92 years of history at the end of the Melbourne Cup carnival.

The members' Old Grandstand will be demolished and a new $128 million Club Stand will be built in time for next year's Cup.

The Victorian government, Racing Victoria and Tabcorp have all injected funds towards the project which will incorporate five levels including a rooftop garden.

VRC chief executive Simon Love said the new stand was a celebration of the history, character and joy of Flemington racecourse.

"The world class facility has been designed to provide an unrivalled event experience," Love said.

"Guests will be entertained and can enjoy an incredible variety of restaurants and bars across five levels, including a rooftop garden that boasts outstanding views of the famous track and Melbourne's city skyline."

The Club Stand will be the 10th grandstand built at Flemington since 1865.

During its time the members stand has allowed patrons to see champion horses including Phar Lap, Rising Fast, Makybe Diva and Black Caviar win at Flemington and Bart Cummings train a record 12 Melbourne Cup winners.

"The new Club Stand will become a place to experience history-making events in the future and we look forward to seeing what exciting and memorable moments are ahead," Love said.

Some of the events during 92 years of the Old Grandstand

* 1927 Duke and Duchess of York (later King George VI and Queen Elizabeth) present the trophy for the first running of the King's Cup won by Spear Maiden

* 1930 Phar Lap wins on all four days of the Melbourne Cup carnival

* 1948 First time photo finish used to decide Melbourne Cup

* 1958 The Queen Mother attended the races at Flemington in March, her first visit since 1927

* 1963 The Champagne Bar was created

* 1997 The members dining room undergoes major refurbishment

* 2003 Makybe Diva wins the first of her three straight Melbourne Cups

* 2008 Viewed gives Bart Cummings his 12th and last Melbourne Cup.

* 2015 Michelle Payne became the first female jockey to win the Melbourne Cup