Mt Isa rodeo bites the dust as administrators saddle up

The 65-year-old Mt Isa Rodeo has bitten the dust, appointing voluntary administrators after a downturn in tickets sales this year hit the bottom line.

Options now being looked at to save iconic Mt Isa Rodeo

The 65-year-old Mt Isa Rodeo has bitten the dust, appointing voluntary administrators after a downturn in attendance.

The rodeo, which pumped $7.4m into the north-west Queensland mining town each year, has faced financial pressure in recent years that culminated in lower than ticket sales this year.

SV Partners directors Michael Brennan and David Stimpson have been appointed voluntary administrators to look for options for a financial recovery of the business.

“Voluntary administration offers a chance to restructure the rodeo’s operations and financial arrangements,” said Mr Brennan. “We will work diligently to identify all possible options, including restructuring, streamlining, or the sale of the business, to save this longstanding event that means so much to Mount Isa.” It is believed creditors are owed about $700,000,

He said it was hoped this was not the end of the rodeo, but rather a “second chance to secure its future” by restructuring and reinvigorating this annual community festival.

Both the Mount Isa Mines Rodeo and Mount Isa Mines Indigenous Rodeo Championships are iconic and important events for communities across the North West.

Tyler Morton competing at the Mt Isa Rodeo. Photo - Aaron Skinn

“The rodeo attracts both local and international competitors, along with tourists, who bring significant economic benefits to the region each year,” he said. Mt Isa, known as ‘Australia’s Rodeo City,’ was deeply rooted in the country’s cowboy heritage.

The voluntary administrators will be in contact with all creditors regarding the next steps in the process. A creditors’ meeting will be held in Mt Isa on 31 October 2024 to provide more information and discuss options moving forward. The rodeo has two full-time employees whose entitlements, including wages, are protected.

“Our priority is to ensure the ongoing viability of the rodeo,” Mr Brennan said. “We are actively engaging with all stakeholders to develop a path forward that offers the best returns to creditors, and we hope to find a way to create a sustainable future for the event.”

The rodeo, which is sponsored by TIQ and Glencore, usually attracts 25,000 visitors from outside the local area with a total spend of $11.33m across Queensland and $7.4m in Mount Isa. The rodeo paid more than $120,000 to charity partners and Mount Isa community groups.

The administration process will involve assessment of the company’s financial position, engagement with key stakeholders, including creditors, employees, sponsors and suppliers exploration of potential rescue packages or restructuring options.

Originally published as Mt Isa rodeo bites the dust as administrators saddle up