Mount Isa Rodeo’s SOS to pollies to save iconic event

Administrators for the cash-strapped Mount Isa Rodeo will lobby State and local government for a support package to ensure the survival of the iconic outback event.

Mount Isa Rodeo 2024. Photo: Supplied

Administrators for the cash-strapped Mount Isa Rodeo will lobby State and local government for a support package to ensure the survival of the iconic outback event.

The famous rodeo hit the wall after a disastrous 2024 event in August, where soaring ticket prices resulted in the smallest turnout in a decade.

Administrators SV Partners were appointed in October, with the rodeo owing almost $2 million to more than 80 creditors.

During a meeting with creditors on Monday, SV Partners outlined the rodeo’s financial position and will report back on December 10 after continuing talks with various State government portfolios as well as the Mount Isa City Council.

This year’s rodeo contributed an estimated $10.6m to the Queensland economy – also significantly down on 2023.

Mount Isa Rodeo 2024. Photo: Supplied

During a forensic analysis of the rodeo, SV Partners identified several reasons for the financial failings, including an investment in big-name music concerts which did not correlate to increased revenue, an over-reliance on ticket sales and a move to significantly increase ticket prices with a four-day pass costing almost $100 more than in 2023.

Apart from a “small profit” in 2023, the rodeo had consistently accrued losses in recent years, culminating in a loss of almost $1m this year.

However, SV Partners believes the rodeo had sufficient cash reserves to “sustain the continuing losses” up to this year and the event remained “a strong asset in its own right”.

“We believe there is a very strong underlying business case to turn around the business of the company and allow the Mount Isa Rodeo to be delivered profitably without diminishing its underlying economic benefit to the community”.

Speaking after the creditors meeting, administrator Michael Brennan said it was “not unreasonable” to think those left in the financial lurch would eventually receive most, if not all, of what they are owed.

Mount Isa Rodeo in 2024.

Some creditors are owed more than $100,000.

“In a perfect world, creditors would love to be paid 100 cents in the dollar (and) that’s not unreasonable,” he said.

“We have been in discussions with a number of different ministers and departments about a potential support package.

“We think there is a lot of upside in the event continuing if it is supported more directly, certainly in the short term.”

In addition to negotiations with various State government departments, rodeo administrators are also interested in a $5.3m “war chest for economic activation” in the hands of the local council.

Mount Isa Mayor Peta MacRae confirmed the council had been in talks with the State Government “and we will let the administrators know when we have a solution”.

Entertainment at the Mount Isa Rodeo.