How Gina Rinehart is spending her money after dumping Netball Australia sponsorship deal

Gina Rinehart stirred up a storm last year when she withdrew her sponsorship of Netball Australia after a player refused to wear a jersey bearing the billion-dollar company’s logo.

Indigenous basketball player Donnell Wallam was backed by her teammates after she expressed anger over comments Rinehart’s late father Lang Hancock had made about Aboriginal Australians nearly four decades ago.

Rinehart, who is Australia’s richest person worth $43.5 billion, quickly withdrew his sponsorship, and it was revealed this week that Netball Australia is struggling to pay off $4.2 million in debt.

While Netball struggles, Rinehart has continued to invest in the Australian sport, with his company Hancock Prospecting sponsoring Swimming WA, Volleyball Australia, Rowing Australia and Synchronized Swimming Australia.

Her investments in the sport have hailed her as one of the most influential women in the field, and in 2014 she received an Order of Merit from the Australian Olympic Organization.

Rinehart canceled the lucrative Hancock Prospecting deal after Indigenous basketball player Donnell Wallam refused to have the Hancock Prospecting logo on his jersey with the endorsement of his teammates.

And ever since the netball fight, she’s kept spending cash, spending money on a huge new cargo ship.

The MV Gina Oldendorff is named after the billionaire, who attended its opening in Japan and said, “My name is Gina Oldendorff, may God bless you and all the people who sail on you.” May success always be with you, good trips and many happy returns.’

It also made headlines last month when it was revealed that it would be handing out huge bonuses to Hancock Consulting staff.

Rinehart announced that he will award $100,000 to each of his company’s 41 lucky workers to commemorate his 41 years with the company.

His company also recently acquired the Warrego energy company in a landmark purchase.

It also previously injected $300 million into a UK-based fertilizer company, as well as several hundred million into rare earth ventures.

Rinehart, who is Australia’s richest person worth $43.5 billion, quickly withdrew his sponsorship of Netball Australia.

His company also recently acquired the Warrego energy company in a landmark purchase. He also previously pumped $300 million into a UK-based fertilizer company, as well as investing several hundred million in rare earth companies.

In November, it was announced that Hancock Prospecting has paid $494 million for exposure to copper, rare earths and lithium and the investments produced a total gain of $645 million.

Outside of sports and energy, his company made a surprise investment in medical cannabis, despite his reputation for social conservatism.

Hancock Prospecting made a $15 million investment in Little Green Pharma cannabis shares, as part of its expansion into Europe.

Rinehart, who retained the top spot on the Rich List, has seen her personal wealth grow in recent months, making her the 45th-richest person in the world.

In January, it was revealed that Rinehart added another $2 billion to his net worth since May and his private company has made nearly $20 billion in profit in the past four years alone.

While Rinehart’s finances have been going strong, Netball Australia is struggling after last October’s dispute.

Five months on from the saga, Netball Australia is still reeling from the furore, despite Visit Victoria coming to the rescue with a new $15m deal.

Under the new deal, players will wear Visit Victoria branding on their kits and appear in tourism campaigns to promote the state.

While Rinehart’s finances have been going strong, Netball Australia is struggling after last October’s dispute.

The deal also gives Victoria hosting rights for the 2023 Super Netball grand final, as the state becomes the official home of the Diamonds.

The body seems to have no regrets that Rinehart went off with a cheeky “we’re not sorry” campaign to celebrate the launch of the 2023 Super Netball season.

‘We are tired of the netball stereotypes; a sultry and safe sport played by calm and nice girls. Sorry, not sorry, and we’re not just here if you need us. We are here’, says the message.

Yet the sport remains in a massive financial hole after the Covid-19 pandemic plunged the last three seasons into chaos.

“$4.2m is the debt we have and we have to pay,” Netball Australia chief executive Kelly Ryan admitted at the season launch.

‘We still have considerable and sizeable debt that still needs to be paid. So we continue to be very fiscally responsible and make sure all growth opportunities materialize.”