Trouble brewing at Marsa racetrack as promised investment remains elusive

Horse owners and horseracing enthusiasts are enraged over the dilapidated state of the Marsa racetrack despite the government’s 2017 promise that private investors would build a new state-of-the-art facility.

Several horse owners told The Shift that they were taken for a ride by the authorities for far too long and are contemplating a total boycott, withdrawing their participation in the races.

Their anger continued to increase during the past weeks as the racing track’s terrain, which needs immediate attention, has been left to deteriorate so much that, according to them, it has now become a health hazard for their horses, which cost thousands.

“The supposed investors didn’t put a cent yet in the racetrack, despite their grand promises that they were going to build the finest racing track in the Mediterranean,” a veteran jockey told The Shift.

“The track has been left so neglected that we are apprehensive of taking our horses there as they might get seriously injured,” a horse owner said.

According to enthusiasts, some even posted pictures on social media, the track is full of pebbles and stones, making it prone to horse injuries.

Three applications stuck

In 2017, disgraced former prime minister Joseph Muscat signed a concession agreement with private investors, handing them the racetrack for 65 years.

The concession, ratified by parliament in 2019, obliged the new racetrack owners to invest millions in the racetrack, transforming it into a modern facility.

They were bound to finish and deliver the project in four years, by 2023 at the latest. Nothing has been done yet.

Research by The Shift shows that three separate applications are currently before the Planning Authority, to acquire permits and start the project.

The concessionaires were given a big push by the government during negotiations. Muscat added a parcel outside the racecourse to the concession, on which they were to build a commercial office and retail block. Still, nothing moved.

The applications filed with the Planning Authority in 2022 are still in their initial screening process, and two of them have been suspended following a request by the developer’s architect, Edwin Mintoff.

According to horse owners, the investors do not have the necessary funds for the project and just want to make a money from the development of the commercial area.

Who are the owners?

The concession agreement was signed with Marsa Racetrack Ltd, a private company with four different owners.

The majority shareholder – Consolidated Resources Malta Ltd – is owned by Hugh Morshead, the Henley & Partners boss of the cash-for-passports scheme’s fame.

His Maltese partner, who holds some 40% of the shares, is road contractor F. Schembri & Sons, better known in the industry as Tad-Dobbu.

Other minority shareholders include True and Type Ltd, an Irish company, and Kusam Sharma, a British citizen.

While the project was supposed to be delivered by private investors, horse owners are now directing their frustration at the government, particularly the prime minister and Education Minister Clifton Grima, for not taking any interest in their sport.

They insist that the Maltese government has sold their interests and hobby to speculators and are not showing any interest in pushing them to honour their obligations.