The beloved downtown Toronto music venue El Mocambo has announced new leadership after an Ontario court approved its sale and the change will come with major renovations.
On Tuesday, the historic establishment announced that an Ontario Superior Court gave the green light for the sale of its assets managed by EY (Ernst and Young) to a company controlled by Brookfield Asset Management Executive Vice-Chair Cyrus Madon.
The venue, which first opened in 1946, is currently owned by former “Dragons Den” investor Michael Wekerle, who purchased it in 2014. The ownership change comes after court documents revealed Wekerle owed $56 million in loans tied to the property, according to media reports.
Meanwhile, El Mocambo’s Executive Director Mike Chalut, who oversaw its latest renovations and organized over 1,500 events in the venue, will keep his role under the new leadership.
“The El Mocambo has always been more than a music hall—it’s a symbol of Toronto’s creative spirit,” Madon said in an email statement to Now Toronto on Wednesday.
“I’m committed to helping Chalut expand the El Mo’s cultural reach, deepen its support of Canadian talent, and explore new ways to give back to the city.”
With the upcoming sale, Chalut tells Now Toronto that El Mocambo will go through a “major facelift” and promised concert-goers “a few surprises.”
According to him, the venue wants to establish itself as a cultural hub for all kinds of art, from music and art to fashion and food.
In this new phase, the director says that concert-goers can expect to see not only Canadian icons and international stars, but also emerging artists, as well as several new art installations that celebrate music.
“Always making sure that everyone who walks through the doors is celebrated properly and feels like a VIP under the neon palms!” he added.
Madon says that the venue plans to unveil its new look during a three-day re-launch party fromOct. 14–16, with live music of course.
The director also added that the venue will continue to host renowned events, including galas, weddings, city initiatives, and charity events.
After the new ownership was announced, people online are reacting with excitement and anticipation about what’s to come at the iconic venue.
“Excellent, rock on 🤘,” one Instagram user said.
“Congratulations!! Happy to see the El Mo remains independent,” another user added.
“Let’s get some rock bands back!!” a different user suggested.
El Mocambo has been a part of Toronto’s history for nearly 80 years, first opening on Spadina Ave. in 1946 as a dining restaurant with live music and ballroom dancing. Since then, the venue has hosted some of the biggest names in international rock, including U2, the Rolling Stones, The White Stripes, Ronnie “The Hawk” Hawkins, and more.
In 2017, Wekerle launched the label El Mocambo Records during Canadian Music Week, opening the venue’s in-house recording studio.
By signing up, I agree to receive emails from Now Toronto and to the Privacy Policy and Terms & Conditions.
