Bailey, 55, was giving passenger rides for a local charity in his Porsche 918 Spyder at the Paqpaqli Ghall-Istrina Motorshow in the Hal Farrug region of Malta when he lost control on one of the airport’s taxiways.

He is understood to be among the injured, although the extent of his injuries are unknown.

An eyewitness told Times of Malta: "The car was speeding down the taxiway when a back wheel went on the grass. The car spun out of control, went through the barriers where a large crowd was watching, and into the area of the static car exhibition.

"Many people were hit, there was chaos and screams."

Malta’s President Marie-Louise Coleiro Preca was at the event, and said a magisterial inquiry is underway into the circumstances of the accident.

Millionaire Bailey began racing in 2010, competing in Ferrari Open, Britcar, British GT and GT Cup series, having made his fortune in the telephone conferencing business.

He is renowned for his stable of supercars, also owning a LaFerrari and McLaren P1, and runs his operation under the HorsePower Racing banner.