Michael Wekerle out at Toronto's El Mocambo as venue sells to Brookfield exec
Management at the legendary Toronto concert venue says an Ontario court has approved the sale of its assets to a company controlled by Cyrus Madon, a longtime executive at Brookfield Asset Management.
Financial details were not disclosed, but a spokesperson for the El Mocambo says Wekerle is not involved in the deal.
The sale is subject to customary conditions and is expected to close in the coming weeks.
The former 'Dragons' Den' star waged a last-ditch effort earlier this year to keep his name tied to the 77-year-old venue, which has hosted the Rolling Stones, U2, Gordon Lightfoot, and the White Stripes.
Wekerle purchased the El Mocambo property in 2014 for $3.8 million before he spent roughly $35 million on extensive renovations at the multi-level space, which included adding state-of-the-art stage equipment and a recording studio.
However, court documents filed earlier this year showed the businessman had defaulted on nearly $56 million in loans tied to the property.
In April, Wekerle said he hoped to be part of a consortium planning to submit a bid for the property as part of the sale process. He declined to name them.
On Tuesday, Wekerle called the sale of the venue 'very important' to its future.
'I endorsed the purchaser and feel he is like-minded and will preserve the integrity of the El Mo,' he said in a text message to The Canadian Press.
Under its new ownership, the El Mocambo's executive director Mike Chalut will continue to oversee bookings for the venue.
This report by The Canadian Press was first published Aug. 5, 2025.
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