The multimillion-pound revamp of one of Britain's most important art galleries will be spearheaded by a team of prominent figures from the worlds of art, business and international diplomacy.

The Burrell Renaissance group, led by financier Sir Angus Grossart, will be charged with driving forward the plans for Glasgow's Burrell Collection, which will be redeveloped in a project likely to cost more than the Kelvingrove's £35m facelift.

The newly instituted group also includes Lord Kerr of Kinlochard, a former ambassador to the US and head of the Foreign Office, and Neil MacGregor, the Scottish director of the British Museum, who will be a special adviser.

Glasgow City Council, with the backing of the trustees of the collection, is launching a landmark bid to change shipping magnate Sir William Burrell's famous bequest of the collection that bears his name to ensure the jewel in the crown of the city's galleries and museums can go on tour abroad.

Under the original terms of Sir William's 1944 Deed of Gift, the exhibits cannot be shown overseas, but now the council is preparing to launch a parliamentary bid to confirm that art from the 8000-piece collection can be seen by a wider international audience.

The 30-year-old listed building in Pollok Park housing the art requires a major refurbishment which will, if the funding is raised, lead to its closure, possibly between 2016 and 2020.

Burrell Renaissance will "advise on the strategic direction of the refurbishment project" and provide advice on the redisplay and a programme of international touring while the building is closed for refurbishment, as well as developing and supporting the fundraising for the project.

Sir Angus said: "I am delighted that we have brought together in the Burrell Renaissance a group who represent all those who share an ambition to liberate the strength and quality of this great collection."

He called on civic and business interests to back the project and added: "I hope many will help us to raise the banner for this ambitious project.

"It is significant that two very eminent Glaswegians, Lord Kerr and Neil MacGregor, will give us their advice and support.

"This is a great international story, an international passport for Glasgow, and reflects the confident and outward-looking aspirations of Sir William, which remain relevant to our own time."

Mr MacGregor, who has been director of the British Museum since 2002, said: "The Burrell Collection tells an inspiring story of a Glasgow that has for centuries been open to the whole world, collecting and studying different cultures, presenting them to the widest possible public-this is a story that deserves to be much better known.

"The present building was immediately recognised as a brilliant response to both the quality of the collection and its uniquely beautiful setting."

He said the building's renovation needs would provide a rare opportunity for parts of the collection to travel, and the masterpieces would be eloquent ambassadors for the city, with potential venues including the British Museum, Europe, North America and Asia.

Lord Kerr, born John Kerr, is an independent member of the House of Lords and deputy Chairman of ScottishPower.

Lord Kerr, who was ambassador to the US from 1995 to 1997, said: "I believe the Burrell Collection is Scotland's special secret, and it's high time for it to be more widely shared.

"When I was ambassador in Washington I was shocked to find that so few in the States had heard of it, though the Collection is comparable to the famous Frick in New York, and should attract comparable crowds."

Lord Kerr added: "The combination of the Burrell and Pollok House, with the masterpieces collected by two great Glasgow shipping families, the Burrells and the Stirling-Maxwells, in the majestic Pollok Park, is unique. The more we learn about the collection, the more we realise the genius of Sir William in collecting such masterpieces."

The group includes Dr Bridget McConnell, chief executive of Glasgow Life, who has overseen major city-wide changes, including the revamp of Kelvingrove. She also played a key role in bringing the Commonwealth Games to Glasgow.