Future of Mount Isa rodeo in doubt, with $2m owed to creditors

Outrage is growing in Mount Isa over allegations financial mismanagement and poor decisions have left the city’s iconic rodeo on the brink, with almost $2m owing to creditors.

A bull rider at the 2024 Mount Isa Rodeo. Picture: Supplied

The future of one of Queensland’s most iconic outback events is under threat with the Mount Isa Rodeo owing almost $2 million to dozens of creditors.

Administrators of the stricken rodeo will hold a creditors meeting on Monday to lay bare the financial position of the famous event, with outrage in the mining capital over over questions about the financial management and decision-making.

The uncertainty surrounding the rodeo comes with the town already grappling with the looming 2025 closure of the Glencore copper mine which employs more than 1000 people.

Tensions are high in a town already dogged by economic, social and youth crime issues which cannot afford for another of its other major economic drivers to disappear.

Rodeo regulars were angered by massive price hikes for this year’s event. File picture: Peter Wallis

Critics blame a number of factors for the rodeo’s slide, including decisions to spend up big on headline music acts as well as a huge hike in ticket prices this year which angered regular spectators.

The rodeo, which pours millions of dollars into the Mount Isa community each year and supports the equivalent of hundreds of full-time jobs, owes an estimated $1.91m to more than 80 creditors – more than half of them either Isa locals or regional Queensland businesses.

At least 15 creditors are volunteer community groups, while multiple businesses are owed more than $100,000.

Administrator Michael Brennan from SV Partners said he was “hopeful” the rodeo’s future could be secured with the help of partners, sponsors and various levels of government.

“People love the rodeo but they hate the way it has been run,” he said.

The town is bracing for possible job losses in 2025.

“But it is a proven and viable asset and we want to bring it back to its glory years.

“We’ve had some really good discussions with various levels of government … we’re really hopeful.”

Among the grumblings of creditors and Mount Isa locals is a recent push by organisers to attract top-line music acts including John Farnham and Jimmy Barnes.

The concerts have been popular with visitors but have added significant financial burdens to rodeo budgets.

A decision to raise ticket prices this year for the first time in many years was also slammed, with the cost of entry in some ticket categories soaring by 50 per cent.

Leichhardt Accommodation owner Glen Ashmore said he was owed more than $100,000 but felt more sorry for “the little guys” who may struggle to cover gaping holes in their revenue.

“We do okay here because we have more than 150 rooms across town, but there’s a lot of little guys that live hand to mouth and a $10,000 debt for some of them, it’s a huge burden,” he said.

“There’s been really poor management (but) this is one of the most important things for this part of Queensland so if we can solve the financial problems it would be well-supported again.”

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It is understood Mount Isa City Council has been given a $5.3m war chest for “economic activation” and at least some of that fund could be drawn upon to stabilise the rodeo until a more sustainable business model is developed.

Newly-appointed Queensland Tourism Minister Andrew Powell said he had met with the administrators “to get an understanding of issues” and was determined to find a solution.

“I want to work with all partners to see if we can keep this event going as we know how important it is to the local community, and as a destination tourism event,” he said.

“We are working through a range of options to find a solution.”