Gina Rinehart invests heavily in broke Netball Australia through company Hancock Prospecting

Article by Mitchell Woodcock courtesy of the West Australian.

Gina Rinehart's Hancock Prospecting has invested in the Australian netball team.

Australia’s richest person, Gina Rinehart, has come to the rescue of a desperate Netball Australia by investing heavily in the national team the Diamonds for the next four years.

Rinehart’s Hancock Prospecting has been announced as the principal partner for the Australian team until the end of 2025, with the undisclosed amount of money going directly into the high-performance program.

It is a massive boost to Netball Australia, which has lost $7.2m over the past two years and is needing to pay $4m in debts at the end of 2022 after a going concern notice was issued.

“This is a major investment for our sport, and is a huge contribution towards the ongoing success of the Diamonds,” Netball Australia chief executive Kelly Ryan said.
“We are incredibly grateful to this leading Australian private company, Hancock Prospecting, for its significant support and partnership.

“Hancock Prospecting is investing directly into the Diamonds high-performance program, allowing Netball Australia to maintain its position as the cornerstone of women’s sport in Australia.

“We are excited that they have chosen to partner with Australia’s most popular female team sport and the world’s number one ranked netball team – the Origin Australian Diamonds.”

The Diamonds, who won gold at this year’s Commonwealth Games, will sport the Hancock Prospecting logo on their dress as soon as next month’s Constellation Cup series against New Zealand.

Netball Australia chief executive Kelly Ryan. Credit: Unknown/Supplied

Rinehart has been investing in several sports in recent years, backing swimming, volleyball, synchronised swimming and rowing.

Earlier this year, Netball Australia controversially sold the hosting rights to this year’s grand final to the WA Government, with West Coast Fever winning their maiden premiership in front of a record crowd at Optus Stadium.

The deal was believed to be worth about $500,000, with just $300,000 in cash being handed over as the sport dealt with its dire financial situation.

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