General News
16 October, 2024
Takeover talks: Plans afoot for local group to meet with Isa Rodeo Ltd
With Isa Rodeo Ltd unable to pay its debts, "peace talks" are now planned with dedicated locals.
Plans are afoot for Isa Rodeo Ltd’s hierarchy to cede from running the iconic Mount Isa Rodeo in order to save the event.
North West Weekly can reveal that following the successful Great Northern Rodeo at Buchanan Park on Saturday night, phone calls were made on Monday morning to broker “peace talks” between Isa Rodeo Ltd and a group of Mount Isa residents keen to form a new board to run the rodeo.
It’s understood that Mount Isa mayor Peta MacRae and Member for Traeger Robbie Katter are at the coalface of the discussions, with both leaders keen to see the rodeo continue in 2025 and beyond.
The talks between the elected leaders, Isa Rodeo Ltd chair Rowena McNally, CEO Natalie Flecker and Great Northern Rodeo’s Mark Thompson could be held as soon as next week.
Isa Rodeo Ltd’s exact financial status is unknown, with creditors still not paid after 60 days. Vendors confirmed on Monday they had not been given an update.
“It’s been radio silence. We don’t know if or when we will get paid,” one business owner said.
As previously reported by North West Weekly, at least one local business is owed more than $100,000, while other businesses in Mount Isa have outstanding invoices ranging from hundreds of dollars to tens of thousands of dollars. One stock contractor is also owed a significant amount of money.
One person with knowledge of the proposed talks between Isa Rodeo Ltd and the local group – who spoke on the condition of anonymity – said there were several options on the table.
“The first is for Isa Rodeo Ltd to go into liquidation and they use whatever funds they have to pay creditors. They could end up with 70 cents in the dollar or something like that,” they said.
“A new group could form and run the rodeo, although they would have to start from scratch.
“The second option is for the board to make the remaining staff redundant and then to step down, paving the way for a new board to be elected.
“That would mean the board would inherit the existing debt, but would keep the intellectual property of the Mount Isa Rodeo and existing sponsorship deals.
“The only thing that seems to be non-negotiable is that there needs to be a clean-out.”
North West Weekly attempted to contact Isa Rodeo Ltd’s CEO and chair for comment, however, no reply was received.
Ms Flecker and Ms McNally had tried to save face by asking the Queensland government for a $500,000 bailout, however this was knocked back by Tourism Minister Michael Healy.
It can also be revealed that Isa Rodeo Ltd tried to negotiate a deal with PBR Australia, however that was also rejected after the organisation did its due diligence.
“Give the PBR credit – they did their homework and spoke to locals and it was made clear to them that Mount Isa Rodeo needs to be run by locals,” the source told North West Weekly.
“It looks like Isa Rodeo Ltd are out of options and are now willing to sit down to discuss an exit strategy.”