Queensland's Mount Isa Rodeo – the largest event of its kind in the southern hemisphere – has entered voluntary administration.
The iconic outback event has a long history of showcasing the country's best cowboys and cowgirls in a competitive environment.
SV Partners directors Michael Brennan and David Stimpson have been appointed as voluntary administrators.
Mr Brennan said the arrangement presented a chance to restructure the rodeo's operations.
"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," he said in a statement.
"We hope this is not the end of the Mount Isa Rodeo, but rather a second chance to secure its future by restructuring and reinvigorating this annual community festival."
Tourists flood into Mount Isa when the rodeo is on. (ABC Open contributor Fiona Nott)
'Came with no notice'
The rodeo injects tens of millions of dollars into Mount Isa economy.
Mount Isa City Council previously supported the event through an in-kind donation of the council-owned Buchanan Park arena where the rodeo is held.
Mayor Peta MacRae said news of the administration decision came as a surprise.
"It came with no notice, haven't had a meeting with the board — I've just been made aware of the situation," she said.
"We need to move forward as fast as possible to give everyone certainty.
"My position remains unchanged — there will be a rodeo happening next year.
"Who is running it and in what capacity that is I'm not sure yet."
The historic Mount Isa Rodeo was held at Kalkadoon Park back in 1966. (Supplied: Michael Kenyon)
'Completely is on us'
In September Isa Rodeo Ltd chair Rowena McNally told the ABC the board took full responsibility for the event's doubtful future.
"This completely is on us – absolutely,” she said.
"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."
The event celebrated 65 years in August, but late that month the board approached the state government hoping for a $500,000 bailout.
The event attracts the country's best cowboys and girls. (ABC News: Brendan Esposito)
At the time, Tourism Minister Michael Healy said questions needed answering before funding would be issued.
"The Isa rodeo is absolutely fantastic, he said at the time.
"It fosters community pride and shines a spotlight on the region — it's a tourism icon.
"We want to see that continue but there are challenges.
"We can't keep pumping money into things that don't work, so we need to look at this in detail as to how the organisation has been run and what sort of community support they have been getting."