Apparently the El Mo has been in financial difficulty for a while, and is now for sale. Current owner Michael Wekerle poured millions into renovations, re-opening just before the COVID shutdown. It is operating under a Court-appointed Monitor and I read they hope to sell in August. Will post more details if I can dig them up. Damn. I was sure we’d get the IORR Band there one day…

Sad, Sad, Sad.

Time Waits For No-one.

Toronto’s iconic El Mocambo music venue up for sale

Joe Castaldo, Globe & Mail, April 8, 2025


Toronto’s storied El Mocambo music venue is up for sale after owner and former Dragons’ Den star Michael Wekerle defaulted on $55.6-million in debt through companies he controls.

An Ontario court signed an order last Friday appointing Ernst & Young Inc. to oversee the sale of the downtown club. The bidding process attached to the order anticipates a deadline of June 30 for binding offers and a closing date no later than August 15.

Waygar Capital Inc., a lender in Toronto, filed an application in January to put the El Mocambo into receivership, saying that Mr. Wekerle had not made any payments since June, 2021 on loans he had taken out in part to renovate the club. At a hearing last month, lawyers for Waygar asked Ontario’s Superior Court of Justice to appoint Fuller Landau Group Inc. as the receiver, saying the club would be shut down and cancellation notices sent out to those who had booked events.

Counsel for Mr. Wekerle objected and said ceasing operations would destroy the value of the El Mocambo, adding that more than 60 events were scheduled for the next three months.

Justice Peter Osborne instead appointed Fuller Landau to act as a financial monitor for the El Mocambo, allowing the club to continue operating under existing management. “While there is no formal receivership here, the temporary oasis is appropriate to provide the necessary stability during the marketing processes,” he wrote in an endorsement dated April 4.

Steven Graff, a lawyer with Aird & Berlis LLP who represents Waygar, said he expects interest in buying the venue to be “robust.”

Ernst & Young declined to comment.

“Business will continue as usual with the El Mocambo management team maintaining their excellent concierge service to clients,” Mr. Wekerle said in an e-mailed statement, adding that Ernst & Young is “taking all necessary steps to find a buyer who will preserve the legacy of the El Mocambo.”

Mr. Wekerle, who earned a reputation as a brilliant trader on Bay Street before becoming a TV star, told The Globe and Mail earlier this year that he wanted to remain involved with the El Mocambo but with a significantly reduced ownership stake, allowing others with industry experience to run the club. He also said he had assembled a new investment group to make an offer for the El Mocambo.

The club has been a fixture in Toronto since it opened in 1948. Mr. Wekerle purchased the venue in 2014 for $3.8-million and eventually spent more than $30-million on renovations. The relaunch was significantly delayed, in part by the COVID-19 pandemic, and since the club reopened in 2021 it has struggled to book marquee names to perform.

The loans to Mr. Wekerle were provided through the Canadian Senior Debt Master Fund managed by Ninepoint Partners in Toronto, which retained Waygar as a consultant for the fund.

[www.theglobeandmail.com]

Maybe Matt Lee can buy/save it .....



ROCKMAN

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Rockman
Maybe Matt Lee can buy/save it .....

turn it in to a museum

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ProfessorWolf

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Rockman
Maybe Matt Lee can buy/save it .....

turn it in to a museum

Not entirely sure it’s big enough…but I’d be willing to go in occasionally and dust.

like you mean ... Diamond Dust ..... HHHHaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa



ROCKMAN

I'll start the IORR money pool with a cool $50...we can own that baby in no time

yeah matt could get an animatronic version of the stones up onstage and have them act out the el mocambo album three times a day like a stones version of chuck e. cheese

except instead of pizza they'll serve shepherd's pie

and sometorontogirl can come in once a week and dust the band and oil there squeaky joints

I’m sure the Stones would want to go back and play for us…get the IORR Band to warm it up for them. (Last year, you could book the ElMo for $8,000 / night …Cdn$$$)

It seems the El Mo is now sold and hopes to continue as a music venue.

Michael Wekerle out at Toronto’s El Mocambo as venue sells to Brookfield exec
TORONTO - Michael Wekerle’s rock ‘n’ roll love affair with the El Mocambo has officially played its final note.
Updated 13 hrs ago
Aug. 5, 2025


By David Friend The Canadian Press
TORONTO - Michael Wekerle’s rock ‘n’ roll love affair with the El Mocambo has officially played its final note.

Management at the legendary Toronto concert venue says an Ontario court has approved the sale of its assets to a company controlled by Cyrus Madon, a longtime executive at Brookfield Asset Management.

Financial details were not disclosed, but a spokesperson for the El Mocambo says Wekerle is not involved in the deal.

The sale is subject to customary conditions and is expected to close in the coming weeks.

The former “Dragons’ Den” star waged a last-ditch effort earlier this year to keep his name tied to the 77-year-old venue, which has hosted the Rolling Stones, U2, Gordon Lightfoot, and the White Stripes.

Wekerle purchased the El Mocambo property in 2014 for $3.8 million before he spent roughly $35 million on extensive renovations at the multi-level space, which included adding state-of-the-art stage equipment and a recording studio.

However, court documents filed earlier this year showed the businessman had defaulted on nearly $56 million in loans tied to the property.

In April, Wekerle said he hoped to be part of a consortium planning to submit a bid for the property as part of the sale process. He declined to name them.

On Tuesday, Wekerle called the sale of the venue “very important” to its future.

“I endorsed the purchaser and feel he is like-minded and will preserve the integrity of the El Mo,” he said in a text message to The Canadian Press.

Under its new ownership, the El Mocambo’s executive director Mike Chalut will continue to oversee bookings for the venue.

This report by The Canadian Press was first published Aug. 5, 2025.


[www.thestar.com]