The Queensland government has pledged $2 million to save the Mount Isa Rodeo, the largest rodeo in the southern hemisphere, which faced financial difficulties and entered voluntary administration.
The country's best cowboys and cowgirls converge on Mount Isa to compete in the famed red dirt arena.The Crisafulli government has granted the Mount Isa Rodeo a lifeline, committing $2 million to the local council to support the event. Administrators say a figure no less than this is needed to pay back creditors and run the event in the future. Mount Isa City Council will keep $1 million of the allocated funds for 'key economic development activities'.
The Queensland government has made a final bid to save the Mount Isa Rodeo — the largest event of its kind in the southern hemisphere — after it entered voluntary administration in October. In November, a final report by administrators SV Partners found at least 83 creditors were owed $1.9 million with a shortfall of about $1 million. The government has confirmed it will bolster the Mount Isa Transition Fund, an initiative worth $20 million, designed to strengthen the economy ahead of the closure of a major industry next year. Deputy Premier Jarrod Bleijie said an extra $2 million will be tipped into the pot for Mount Isa City Council to allocate to the event. 'I'm proud to support the Mount Isa Rodeo, as it attracts 25,000 attendees and visitors to the region, stimulates the local economy, and supports local jobs,' he said. Mount Isa City Council Mayor Peta MacRae confirmed the council will be taking the $2 million committed and keeping $1 million for 'key economic development activities'. 'Council understands that this may not cover all debts that are owing to creditors but would be hoping that the receiver will be able to pay the majority of the funds owed in accordance with the legal statutes defining this process,' she said. Administrator Michael Brennan said at least $2 million was needed to change the fate of the famed event. 'If the council and state provide anything less , the creditors will not be paid what they are owed and there will not be money to operate the 2025 rodeo,' he said
MOUNT ISA RODEO QUEENSLAND GOVERNMENT FINANCE ECONOMY EVENT
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