The southern hemisphere's biggest rodeo is set to ride again.
Outback Queensland's 65-year-old Mount Isa Rodeo will receive a $1 million lifeline, barely two months after entering voluntary administration.
The event dubbed the "Wimbledon of world rodeo" enjoyed the cash injection after the state government answered an SOS from Mount Isa Mayor Peta MacRae.
The money will come out of a one-off $2 million government grant to the local council, boosting a $20 million Mount Isa Transition Fund.
The fund is set to support the northwest Queensland community's economy with Glencore to shut its Mount Isa Mines' copper operation in 2025.
The extra cash would ensure the rodeo would saddle up for its 66th year, Deputy Premier Jarrod Bleijie said.
"How exciting. Mount Isa Rodeo has been saved by the Crisafulli LNP government," he said on Wednesday.
"They (local council) will work out a way that best suits ... the Mount Isa community to ensure the rodeo survives, becomes bigger and better."
However, there was speculation $1 million would not be enough to save the beloved event.
Administrators SV Partners reportedly found the rodeo owed more than 80 creditors $1.9 million.
It did not appear to be the figure given to Tourism Minister Andrew Powell, who was in Mount Isa spruiking the $2 million fund boost on Wednesday.
"I'm a little bit concerned about the changing numbers," he told reporters.
"When I sat down with the administrators...the number I was given was $1 million.
"It was on that basis that we've worked with the council around this grant and ... that we empower the council to work with the administrators and the community to ensure debts are paid and the rodeo lives on."
But Ms MacRae was confident the rodeo's future was bright.
The Mount Isa mayor said the council received the grant after she wrote to the government asking for financial assistance.
She confirmed half of the $2 million grant would go toward the rodeo with the rest to be spent on the local council's "economic diversification and transformation".
Administrators are set to meet with creditors by January 2025.
"The way forward is not my decision ... it's a creditors decision," Ms MacRae said of the rodeo's future.
"They need to come together and decide whether they're going to be accepting this offer.
"But my advice to them would be take the million dollars and move on and let's just get this happening as quickly as we can."
In a good year the rodeo brings $10 million to Mount Isa and injects $20 million into the state economy.
However a post COVID-slowdown and the cost of living crisis combined to hit ticket sales, dropping by 40 per cent in 2024.
Asked if the rodeo would ride again in August 2025, Ms MacRae said: "One hundred per cent the rodeo will definitely be ready to go and we're expecting lots of visitors".
