This is concerning: Toronto’s El Mocambo is up for sale
The El Mocambo (est. 1948 on Spadina in Toronto) has gone through numerous incarnations, the most momentous being is purchase and massive renovation (~$30 million) by businessman Michael Wekerle. Since its reopening, I’ve done plenty of work with Michael and the Elmo, and I can tell you that it’s one of my favourite venues in the world. The place is so well equipped and the details in the renovation are outstanding. It’s one of the greatest club venues anywhere in the world.
The bad news? It’s been losing money. Lots of it.
COVID didn’t help, of course. Neither has the rising costs of touring. Carrying costs for running the place keep going up. And the one-time hope of turning it into a premium venue that could attract the biggest acts in the world has not panned out. Complicating problems are Wekerle’s other financial investments/concerns–some of which helped keep the Elmo afloat–are in trouble, too.
Here’s the latest:
- Wekerle defaulted on $55.6 million in debt. The club went into receivership in January.
- An Ontario court hs appointed accounting firm Ernst & Young to oversell the club’s sale.
- Bids on the club will be entertainment until June 30. A decision will be made on a new owner by August 15.
- Sixty events have been scheduled over the next three months. Will they be canceled? Not for the moment. These gigs will bring in much-needed cash.
Torontonians need the Elmo. Fingers cross that this works out. Read more here.
