Toronto live music venue El Mocambo is up for sale again after its owner failed to pay back nearly $56 million in loans. CBC’s Sarah Tomlinson spoke to some local music lovers who are worried about the venue’s future.

Toronto

Toronto's iconic live music venue, the El Mocambo, is currently listed for sale. This development comes as its owner, Michael Weckerle, faces the challenge of repaying nearly $56 million under a defaulted credit agreement. Given its rich history and association with legendary musicians like the Rolling Stones and U2, the venue's uncertain future has raised concerns among local music enthusiasts.

The El Mocambo is known for its vibrant palm tree-shaped neon sign and has been a nostalgic spot for many Torontonians since its inception in 1948. Sebastian Cooke, a frequent visitor in the past, recalls the venue as a prime location for live music with excellent sound, affordable drinks, and great sightlines. The decision to sell the venue requires all interested parties to submit their purchase offers by June 30th.

The sale hasn't surprised some industry experts, who cite challenges such as increased insurance costs post-COVID and thin profit margins from events. Despite these concerns, Mike Schala, the El Mocambo's executive director, remains optimistic about its future. He is confident that potential investors share his passion for preserving the venue's legacy. Meanwhile, local resident Sebastian Cooke hopes for an investor who will maintain the cultural emblem that the venue has become.



Toronto music lovers worried about El Mocambo’s future

The palm tree-shaped neon sign is a symbol that brings back memories for many Torontonians. A few decades ago, the music venue was Sebastian Cooke's stomping grounds on Friday and Saturday nights. The sound was amazing, the drinks were affordable, the sight lines were fantastic, it was a great place to see music. Since its opening in 1948, the venue has also booked many famous acts, including the Rolling Stones and U2. The bands that have come through here over the years, it's staggering. The El Macombo is, however, for sale. According to court documents, owner Michael Weckerle owes $55 million under a defaulted credit agreement. All offers to purchase the music venue must now be submitted by June 30th, which seems to be a cause for concern among many local music lovers. I hope it doesn't turn into another corporate venue. We see that often enough with a couple other venues in the city that have been scooped up. Some experts, however, aren't surprised that the El Macombo is changing ownership. Insurance coming out of COVID just skyrocketed, making it much more challenging. And then just in general, events have very slim profit margins. Nonetheless, Gibbs doesn't think it's likely the building will be redeveloped. That area, from a retail perspective, doesn't drive high rents anyway. So they're better off going to stay as a live event venue from a just highest, best use of the physical assets in real estate. Mike Schala, the El Macombo's executive director, says he's confident in the venue's future. By email, he mentioned rumors of potential investors who he believes care just as much about the El Macombo's future as he does. I'm really not that optimistic. Sebastian Cook hopes an investor will move words into deeds and that the palm tree-shaped neon sign remains an emblem at College in Spadina for years to come. Sarah Tomlinson, CBC News, Toronto.

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