Former “Dragons’ Den” star Michael Wekerle sunk a lot of money into the El Mocambo, but couldn’t breathe enough fire into the storied venue, which now has a new owner.
The legendary rock bar on Spadina Avenue in Toronto announced on Tuesday that the Ontario Superior Court of Justice has approved its sale to a company controlled by Cyrus Madon.
Madon is a pretty big name himself in financial circles, holding the role of Executive Vice Chair at Brookfield Asset Management.
The music venue announced that Mike Chalut will continue on as Executive Director of the El Mo under the new ownership.
“This is an exciting day for the El Mo team,” Chalut said in a release posted to social media.
“The El Mocambo isn’t just a venue — it’s a living, breathing part of Toronto. With the support of our new ownership, we can push even further in championing Canadian artists, building unforgettable experiences and creating space for culture and community to thrive.”
The venue, which was founded in 1948, has hosted some of rock’s biggest names over the years, including the Rolling Stones, The White Stripes, U2, and Gordon Lightfoot, to name a few.
The transaction of the El Mo remains subject to customary conditions, the release notes, but is expected to close in the coming weeks.
Back in April 2025 it was announced the Wekerle had defaulted on nearly $56 million in loans that were tied to the property.
An Ontario court appointed EY, formerly known as Ernst & Young, to oversee the sale of the club and its assets.
Wekerle purchased the property in 2014 for $3.8 million and quickly started pouring money into the project, with a reported $35 million spent on major renovations.
The Canadian Press reported that by the time the venue reopened following the renovations in 2021, Wekerle had already stopped repaying his loans.
Still, the former dragon didn’t regret the purchase.
“If I didn’t buy it, it’d be a drugstore right now, or a shopping centre, or whatever,” he told The Canadian Press.
With files from The Canadian Press
