Gina Rinehart’s Hancock Prospecting remains committed to funding elite athletes despite ending a 12-year association with Volleyball Australia, an organisation which had made her patron and thanked her for “unwavering support” as recently as last year.
Although it now faces a financial hit, Volleyball Australia (VA) expressed gratitude on Monday for payments by Rinehart’s company reportedly worth around $5m over the past decade.
As the sport prepares to host the World Beach Volleyball Championships in Adelaide starting Friday, a VA spokesperson confirmed the sponsorship agreement ended last year and “was not renewed for an additional term”.
The relationship had seen Hancock Prospecting provide financial assistance to meet operational costs, host tournaments and even subsidise television programming, and Rinehart was acknowledged as the sport’s Australian patron from 2013.
“Volleyball Australia is sincerely grateful for Hancock Prospecting’s support of our sport and our athletes over many years,” the VA spokesperson said.
VA did not provide any more information about Rinehart’s change of heart, and Hancock Prospecting – which has ongoing sponsorship agreements in swimming, rowing and with the Australian Olympic Committee – also declined to comment on the end of the relationship.
The news, first reported in the Australian, triggered concern within sporting circles, given Hancock Prospecting has provided tens of millions of dollars to elite athletes, who often live in financial stress while they dedicate themselves to training.
Despite winning her support from athletes, Rinehart’s investment in sport has not been without controversy. A deal with Swimming Australia ended in 2021 following disputes with the national body, and Hancock Prospecting now has separate partnership agreements with Swimming WA and Swimming Queensland.
Hancock Prospecting also withdrew from a $15m annual sponsorship with Netball Australia in 2022 following backlash from players who had concerns over the record of the company on Indigenous issues.
On Monday, a Hancock Prospecting spokesperson confirmed the exit from volleyball did not reflect a broader strategic shift by the company away from supporting Australian athletes.
For many swimmers and rowers, grants from Hancock Prospecting make up a majority of their earnings, and medal winners have been awarded bonuses worth tens of thousands of dollars. Payments to swimmers alone are worth more than $4m per year.
VA now has two major partners, Indian automotive giant Mahindra and Scape Australia, a student accommodation provider.
Scape’s founder is VA president Craig Carracher, who is also on the AOC board. His company also sponsors triathlon and paddle in Australia.
