advertisement
Billboard is a part of Penske Media Corporation. © 2023 Billboard Media, LLC. All Rights Reserved.
advertisement
Latest News
advertisement
BILLBOARD CANADA FYI
A weekly briefing on what matters in the music industry
By signing up you agree to Billboard Canada’s privacy policy.
advertisement
advertisement
elmocambo.com
El Mocambo
Touring
Toronto Venue El Mocambo Sold After Owner Michael Wekerle Defaults on Debt
The long-running Toronto venue has hosted famous concerts by The Rolling Stones, Elvis Costello and more. Now under new ownership, the venue will continue to live on.
15m
The El Mocambo is getting yet another lease on life.
Today (August 5), the Ontario Superior Court of Justice approved the sale of the storied Toronto music venue's assets to a company controlled by executive vice chair of Brookfield Asset Management, Cyrus Madon, following a sales process conducted by EY (Ernst and Young).
Earlier this year, the space was listed for purchase after its owner, Michael Wekerle, defaulted on $55.6-million in debt tied to the downtown club. According to a report in the Globe & Mail, he is also on the hook for $32.2 million in loans.
Ontario justice Peter Osborne approved the transaction at a hearing on Tuesday. Toronto-based lender Waygar Capital Inc. reported asked Ontario’s Superior Court of Justice in January to put the El Mocambo into receivership, saying that Wekerle had defaulted on loans and had not made any payments since 2021. Ernst & Young was appointed as as sales monitor in April to find a buyer, which has now been completed.
advertisement
Wekerle, a former star of Dragon's Den, bought the historic club in 2014 when it was then slated to close. He spent many years and a reported $30 million renovating the venue, completely gutting it and reopening it as a new state-of-the-art room. It finally opened in 2020, then reopened again after pandemic restrictions in 2021.
At the time, he spoke often about his hope to bring back The Rolling Stones, who had famously played the venue in 1977. That concert never came to fruition.
Under its new ownership, Mike Chalut will continue as executive director. Chalut has played a pivotal role in the venue’s revitalization, reportedly curating over 1,500 events in recent years.
“This is an exciting day for the El Mo team,” says Chalut in a press release. “The El Mocambo isn’t just a venue — it’s a living, breathing part of Toronto. With the support of our new ownership, we can push even further in championing Canadian artists, building unforgettable experiences and creating space for cultural and community to thrive.”
advertisement
The venue — which opened in 1948 — is one of Toronto's most famous venues, hosting legendary performances by the likes of The Stones, Elvis Costello, Joan Jett and Blondie.
The transaction remains subject to customary conditions, but is expected to close in the coming weeks.
keep readingShow less
advertisement
Popular
advertisement
Published by ARTSHOUSE MEDIA GROUP (AMG) under license from Billboard Media, LLC, a subsidiary of Penske Media Corporation.
advertisement