Once thriving: A file photo of racehorses being paraded as spectators look on at the PTC in Batu Gantong, on May 9, 2010. The oldest of the three horse-racing clubs in Malaysia, the PTC is expected to stage its final race meeting on May 31, before bringing an end to its operations.
GEORGE TOWN: After more than 160 years including surviving the Japanese invasion in 1941 during World War II, the curtain is finally coming down on the Penang Turf Club (PTC) come June.
An extraordinary general meeting (EGM) has been set on April 20 and all indications are pointing towards a vote for the cessation of the horse-racing activities and operations by the 508 ordinary members.
Once the resolution has been passed, the PTC’s exit strategy will be to carry out disposal of all its properties and assets and share the proceeds with its members.
“The club has been operating at a loss year in, year out. So, it’s just a matter of time before they shut it down for good.
“But any decisions must be confirmed by a majority of two thirds of the votes during the EGM,” said a club official who declined to be named.
The PTC, which is the oldest of the three horse-racing clubs in Malaysia, is expected to stage its final race meeting on May 31, before bringing an end to the once-thriving Sport of Kings.
After the EGM, it is understood that the club will notify the relevant authorities on the move to end racing activities, start to scale down operations, and terminate contracts with suppliers and service providers.
As for the 150 club employees, they will be offered a voluntary separation scheme, or other retrenchment packages in stages.
Nine months ago, club members had voted in an EGM to sell the 81ha land in Batu Gantong.
With the size equivalent to 153 football fields, the PTC land and its properties are said to be valued around RM2bil to RM3bil.
However, the PTC has not been able to find any buyers for the land, which is the largest piece of prime real estate on Penang island.
It’s believed that the club’s next option would be to break up the land into several parcels and sell it separately. This will make the sale more feasible and able to attract a bigger pool of potential buyers.
Founded in 1864, the PTC was given a free land grant in Macalister Road for its first racecourse.
Back then, the buildings were constructed from wood and attap. It then moved to its current location, which is situated next to the upscale Taman Jesselton Heights, in 1939.
Just last year, several turf clubs in the region had also ceased their horse-racing activities and operations due to dwindling attendance and post-pandemic financial struggles.
The Singapore Turf Club held its final race in October, bringing to a close a 180-year-old chapter of horse-racing in the city-state, while the Macau Jockey Club shut its doors for good in April last year.
For die-hard racing fans, there are still two other turf clubs in Malaysia to satisfy their desire – the Perak Turf Club, which was founded in 1886, and the Selangor Turf Club, which was founded in 1896.
