General News
11 December, 2024
New state government likely to provide Isa Rodeo package
An announcement should happen before Christmas, according to government insiders.
The state government is likely to come to the rescue of Isa Rodeo Ltd and ensure creditors are paid with a major funding announcement expected before Christmas.
North West Weekly understands that Deputy Premier Jarrod Bleijie, who is also the Minister for State Development, is working with new Tourism Minister Andrew Powell on a financial package that would cover the debt owed by Isa Rodeo Ltd and provide working capital for a new board to push on with the event in 2025 and beyond.
Sources also said that administrator SV Partners had been in contact with some key Mount Isa residents, preparing them for a potential meeting in Brisbane.
However, a government insider said that an announcement to save the Mount Isa Rodeo would likely happen in Mount Isa.
“There’s things happening in the background but no decision has been made about funding,” the staffer said.
“It might be a combination of state development and tourism funding, or it could come from one of those departments.”
SV Partners put off its decision to name a chair after it received backlash from key stakeholders.
However, it appears ready to announce a board, with input likely to come from Mount Isa’s civic leaders.
North West Weekly understands that Mark “Tommo” Thompson and Yelvertoft Station’s Marcus Curr are likely board appointees.
Both men have significant experience in rodeo and business and both have organised successful events in recent times.
SV Partners did not respond to North West Weekly in time for the print deadline.
Tuesday’s scheduled meeting with creditors was adjourned.
“To date, there has been insufficient time to finalise negotiations with stakeholders to allow me to provide a Deed of Company Arrangement (DOCA) Term Sheet for consideration by creditors,” administrator Michael Brennan wrote in a supplementary report to creditors.
“Under the Corporations Act, very strict timeframes exist for reporting to creditors and as such, I cannot progress the planned meeting on 10 December. We will need to further adjourn a decision on whether to place the company into liquidation or if there is the ability to accept a potential DOCA.”
In the same report, Mr Brennan said SV Partners would pursue legal action if another group started a new Mount Isa Rodeo.
“Creditors should be aware that the administrators have been made aware of a worrying theme being promoted by some in the Mount Isa community, that a Rodeo will happen in 2025 regardless of the outcome of the voluntary administration,” he wrote.
“It is a part of this narrative that not paying creditors is a preferable option .... our role is to protect the assets of the company and to do all that is necessary to maximise the return to creditors.
“If bringing legal action to ensure that the intellectual property associated with the Mount Isa Rodeo is protected is required, the administrators will do so.”