Former “Dragons’ Den” star Michael Wekerle sunk some huge cash into the El Mocambo, however couldn’t breathe sufficient fireplace into the storied venue, which now has a brand new proprietor.
The legendary rock bar on Spadina Avenue in Toronto introduced on Tuesday that the Ontario Superior Court docket of Justice has permitted its sale to an organization managed by Cyrus Madon.
Madon is a reasonably large identify himself in monetary circles, holding the function of Govt Vice Chair at Brookfield Asset Administration.
The music venue introduced that Mike Chalut will proceed on as Govt Director of the El Mo beneath the brand new possession.
“That is an thrilling day for the El Mo staff,” Chalut stated in a launch posted to social media.
“The El Mocambo isn’t only a venue — it’s a residing, respiratory a part of Toronto. With the assist of our new possession, we are able to push even additional in championing Canadian artists, constructing unforgettable experiences and creating area for tradition and neighborhood to thrive.”
The venue, which was based in 1948, has hosted a few of rock’s greatest names through the years, together with the Rolling Stones, The White Stripes, U2, and Gordon Lightfoot, to call just a few.
The transaction of the El Mo stays topic to customary situations, the discharge notes, however is anticipated to shut within the coming weeks.
Again in April 2025 it was introduced the Wekerle had defaulted on almost $56 million in loans that had been tied to the property.
An Ontario courtroom appointed EY, previously often known as Ernst & Younger, to supervise the sale of the membership and its belongings.
Michael Wekerle, who re-launched the legendary Toronto music venue El Mocambo, is photographed in entrance of the stage earlier than the membership’s re-opening on Saturday, October 30, 2021. THE CANADIAN PRESS/Chris Younger
Wekerle bought the property in 2014 for $3.8 million and shortly began pouring cash into the mission, with a reported $35 million spent on main renovations.
The Canadian Press reported that by the point the venue reopened following the renovations in 2021, Wekerle had already stopped repaying his loans.
Nonetheless, the previous dragon didn’t remorse the acquisition.
“If I didn’t purchase it, it’d be a drugstore proper now, or a procuring centre, or no matter,” he informed The Canadian Press.
With recordsdata from The Canadian Press
