A new investor is buying the most important night club in Toronto’s history, El Mocambo, so the venue will not be closing its doors for good after a benefit show tonight.
“El Mocambo to be bought by Michael Wekerle of Dragons’ Den,” said Michael Wekerle on Twitter at about 11:45 am this morning. “YES it’s true.”
Wekerle, who is a co-founder and CEO of merchant bank Difference Capital and a new panelist on CBC’s Dragons’ Den, confirmed on Twitter on Dec 6. that he was saving the music venue. A press conference was held at the El Mocambo at 5:30 pm. After the event Wekerle continued to Tweet.
“I will be making a major announcement tonight at 9pm at @ElMocamboTavern! See you all there!, he said. “No shortage of press on the purchase of the El Macombo! The iconic landmark has been saved! Thank you to everyone for the amazing responses & comments on the purchase of the @El Mocambo Tavern! Looking forward to seeing everyone there!”
Wekerle put a deposit down this morning to buy the El Mocambo. The deposit has been accepted and the sale is scheduled to close by middle of January 2015. As a condition of the sale El Mocambo must be kept as a music venue.
Tonight, the El Mocambo is hosting Light of Day, a Parkinson’s disease benefit concert, which features John Cafferty and the Beaver Brown Band, the Pat Travers Band, Wally Palmer of the Romantics and other classic-rock acts.It was assumed the venue was closing down for good, at least temporarily, after the show. Instead, the concert will feature Wekerle being handed the keys to the building on stage.
The iconic El Mocambo neon palm tree sign was put up for sale on eBay on Oct. 21. The sign has served as a beacon for entertainment in Toronto for more than six decades.
“Is it just me or does WEK fit nicely in the sign?” said Wekerle. “A little El WEKambo??
Wekerle, who has been described as a cross between Mick Jagger and Warren Buffett, will take the El Mocambo stage to play with his band in celebration,
The El Mocambo is probably best known for the surprise show by The Rolling Stones, who performed upstairs for two nights in March 1977. The Stones billed themselves anonymously as “the Cockroaches,” but word leaked out and massive crowds turned up. The show was recorded and released as one side on a double album called “Love You Live”.
For a time, blues performers such as Jimi Hendrix, Buddy Guy, Muddy Waters, Bo Diddley, Lightening Hopkins, John Lee Hooker and Big Walter Horton were favourite attractions.
The El Mocambo has changed owners an estimated 10 times. Most recently, it was purchased by Mr. Grosso and Marco Petrucci for $2.95-million in 2012. Financial difficulties forced them to put the property back on the market in early 2014. The El Mocambo was put up for sale in March for $3.95 million.