Toronto’s El Mocambo will continue as concert venue: new owner

Our Lady Peace play to a packed crowd as they mark the re-opening of the iconic Toronto music venue The El Mocambo on Saturday, October 30, 2021. THE CANADIAN PRESS/Chris Young

A spokesperson for the new owner of the El Mocambo says concerts will continue to be held at the storied Toronto music venue after former owner Michael Wekerle defaulted on nearly $56 million in loans tied to the property.

In an interview with CTV News Toronto on Wednesday, the director of operations for the company that bought the 77-year-old club says it will be “nothing too different” from its current iteration.

“The intent is to do it better. To manage operations with a little bit more rigor,” Neil Kerr said on behalf of Cyrus Madon, a longtime executive at Brookfield Asset Management, whose purchase of the venue’s assets was approved by an Ontario court on Tuesday.

“Cyrus, he’s pretty passionate about music, it’s a passion that he’s probably had for 50 years… He and his wife are strong supporters of Canadian musicians and charities. There are certainly going to be some charitable functions that are held at the venue as well. I think it’s a very, very positive story.”

Kerr did not disclose the purchase price of the property. The sale is expected to close in the coming weeks.

Wekerele, who became a household name after his time as a star on CBC’s “Dragons’ Den,” bought the El Mocambo in 2014 for $3.8 million and spent $35 million to improve the space.

The businessman’s passion project officially reopened in 2021 after a to-the-studs renovation and delays brought on by the COVID-19 pandemic.

Court documents filed earlier this year showed Wekerle had defaulted on nearly $56 million in loans linked to the space. A spokesperson for the El Mocambo told The Canadian Press that Wekerle is not involved in the deal to sell the property.

In a statement to The Canadian Press, 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.

The small, two-storey concert venue fell into financial trouble in the 90s and early 2000s after playing host to legendary acts like The Rolling Stones and U2 in the 70s and 80s. After closing and re-opening under a number of owners, it finally shuttered.

It’s unclear when the venue will reopen under the new ownership.

With files from The Canadian Press