The future of one of Australia’s most iconic events is in doubt after administrators were called in

Financial pressures has seen one of Australia’s most iconic and longest running events enter voluntary administration.

One of Australia’s most iconic events The Mount Isa Rodeo has gone into voluntary administration. Picture: Facebook

One of Australia’s longest running events and the biggest of its kind in the Southern Hemisphere has gone into voluntary administration.

The Mount Isa Rodeo has attracted cowboys and cowgirls from around the world, who have travelled to the remote Queensland town to compete in a four-day event for the past 65 years.

The rodeo attracts about 25,000 visitors to Mount Isa each year, generating $7.4m to the local economy.

Australia’s longest running event of its kind, The Mount Isa Rodeo has entered voluntary administration after facing financial hardship and poor ticket sales. Picture: Facebook

On Monday, event organisers made the shock announcement that SV Partners directors Michael Brennan and David Stimpson had been appointed as voluntary administrators.

Mr Brennan said it offered a chance to restructure the rodeo’s operations and financial arrangements.

He hoped it was not the end of the event, 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,” he said.

“The Rodeo attracts both local and international competitors, along with tourists, who bring significant economic benefits to the region each year.

The iconic four-day event has been held in the remote Queensland town for the past 65 years attracting about 25,000 visitors from across Australia around the world. Picture: Facebook

“Mt Isa, known as ‘Australia’s Rodeo City,’ is deeply rooted in the country’s cowboy heritage.

“We’re working to preserve the rodeo as it’s a vital part of Australia’s rich outback history.”

The decision to enter voluntary administration came after event organisers faced financial pressures, including lower than expected ticket sales for 2024.

Rodeo chair Rowena McNally told the ABC last month the event was cash-strapped and they were not sure if it would continue.

“We managed to operate through Covid with a virtual rodeo, but since then our reserves have been depleted so we’ve had to look at how to cut costs and building up a surplus,” she said.

“We’ve got enough in the bank to pay the bills we’ve currently got but I can’t say that will be the case next week.

“We’re certainly looking closely at our finances and getting advice on what we need to do.”