Latest news with #CyrusMadon
CTV News
06-08-2025
- Business
- CTV News
Toronto's El Mocambo will continue as concert venue: new owner
Our Lady Peace play to a packed crowd as they mark the re-opening of the iconic Toronto music venue The El Mocambo on Saturday, October 30, 2021. THE CANADIAN PRESS/Chris Young A spokesperson for the new owner of the El Mocambo says concerts will continue to be held at the storied Toronto music venue after former owner Michael Wekerle defaulted on nearly $56 million in loans tied to the property. In an interview with CTV News Toronto on Wednesday, the director of operations for the company that bought the 77-year-old club says it will be 'nothing too different' from its current iteration. 'The intent is to do it better. To manage operations with a little bit more rigor,' Neil Kerr said on behalf of Cyrus Madon, a longtime executive at Brookfield Asset Management, whose purchase of the venue's assets was approved by an Ontario court on Tuesday. 'Cyrus, he's pretty passionate about music, it's a passion that he's probably had for 50 years… He and his wife are strong supporters of Canadian musicians and charities. There are certainly going to be some charitable functions that are held at the venue as well. I think it's a very, very positive story.' Kerr did not disclose the purchase price of the property. The sale is expected to close in the coming weeks. Wekerele, who became a household name after his time as a star on CBC's 'Dragons' Den,' bought the El Mocambo in 2014 for $3.8 million and spent $35 million to improve the space. The businessman's passion project officially reopened in 2021 after a to-the-studs renovation and delays brought on by the COVID-19 pandemic. Court documents filed earlier this year showed Wekerle had defaulted on nearly $56 million in loans linked to the space. A spokesperson for the El Mocambo told The Canadian Press that Wekerle is not involved in the deal to sell the property. In a statement to The Canadian Press, 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. The small, two-storey concert venue fell into financial trouble in the 90s and early 2000s after playing host to legendary acts like The Rolling Stones and U2 in the 70s and 80s. After closing and re-opening under a number of owners, it finally shuttered. It's unclear when the venue will reopen under the new ownership. With files from The Canadian Press
Yahoo
06-08-2025
- Business
- Yahoo
Michael Wekerle out at Toronto's El Mocambo as venue sells to Brookfield exec
TORONTO — Michael Wekerle's rock 'n' roll love affair with the El Mocambo has officially played its final note. 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. David Friend, The Canadian Press
Globe and Mail
10-06-2025
- Business
- Globe and Mail
Brookfield Business Corporation Announces Results of Annual Meeting of Shareholders
BROOKFIELD, NEWS, June 10, 2025 (GLOBE NEWSWIRE) -- Brookfield Business Corporation (the 'Corporation') (NYSE, TSX: BBUC) today announced that all ten nominees proposed for election to the board of directors of the Corporation by holders of class A exchangeable subordinate voting shares ('Exchangeable Shares') and holders of class B multiple voting shares ('Class B Shares') were elected at the Corporation's annual general meeting of shareholders held on June 10, 2025 in a virtual meeting format. Detailed results of the vote for the election of directors are set out below. In accordance with the Corporation's articles, each Exchangeable Share was entitled to one vote per share, representing a 25% voting interest in the Corporation in the aggregate, and the Class B Shares were entitled to a total of 215,082,201 votes in the aggregate, representing a 75% voting interest in the Corporation. The following is a summary of the votes cast by holders of Exchangeable Shares and Class B Shares, voting together as a single class, in regard to the election of the ten directors: Director Nominee Votes For % Votes Withheld % Cyrus Madon 279,593,990 99.90 268,437 0.10 Jeffrey Blidner 277,344,556 99.10 2,517,871 0.90 David Court 279,649,745 99.92 212,682 0.08 Stephen Girsky 279,463,948 99.86 398,479 0.14 David Hamill 279,646,581 99.92 215,846 0.08 Anne Ruth Herkes 279,648,255 99.92 214,172 0.08 John Lacey 272,069,850 97.22 7,792,577 2.78 Don Mackenzie 279,782,671 99.97 79,756 0.03 Michael Warren 279,782,332 99.97 80,095 0.03 Patricia Zuccotti 279,751,664 99.96 110,763 0.04 A summary of all votes cast by holders of the Exchangeable Shares and Class B Shares represented at the Corporation's annual meeting of shareholders is available on SEDAR+ at Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: a limited partnership, or Brookfield Business Corporation (NYSE, TSX: BBUC). For more information, please visit Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management's Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management. For more information, please contact:
Yahoo
10-06-2025
- Business
- Yahoo
Brookfield Business Corporation Announces Results of Annual Meeting of Shareholders
BROOKFIELD, NEWS, June 10, 2025 (GLOBE NEWSWIRE) -- Brookfield Business Corporation (the 'Corporation') (NYSE, TSX: BBUC) today announced that all ten nominees proposed for election to the board of directors of the Corporation by holders of class A exchangeable subordinate voting shares ('Exchangeable Shares') and holders of class B multiple voting shares ('Class B Shares') were elected at the Corporation's annual general meeting of shareholders held on June 10, 2025 in a virtual meeting format. Detailed results of the vote for the election of directors are set out below. In accordance with the Corporation's articles, each Exchangeable Share was entitled to one vote per share, representing a 25% voting interest in the Corporation in the aggregate, and the Class B Shares were entitled to a total of 215,082,201 votes in the aggregate, representing a 75% voting interest in the Corporation. The following is a summary of the votes cast by holders of Exchangeable Shares and Class B Shares, voting together as a single class, in regard to the election of the ten directors: Director Nominee Votes For % Votes Withheld % Cyrus Madon 279,593,990 99.90 268,437 0.10 Jeffrey Blidner 277,344,556 99.10 2,517,871 0.90 David Court 279,649,745 99.92 212,682 0.08 Stephen Girsky 279,463,948 99.86 398,479 0.14 David Hamill 279,646,581 99.92 215,846 0.08 Anne Ruth Herkes 279,648,255 99.92 214,172 0.08 John Lacey 272,069,850 97.22 7,792,577 2.78 Don Mackenzie 279,782,671 99.97 79,756 0.03 Michael Warren 279,782,332 99.97 80,095 0.03 Patricia Zuccotti 279,751,664 99.96 110,763 0.04 A summary of all votes cast by holders of the Exchangeable Shares and Class B Shares represented at the Corporation's annual meeting of shareholders is available on SEDAR+ at Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: a limited partnership, or Brookfield Business Corporation (NYSE, TSX: BBUC). For more information, please visit Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management's Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management. For more information, please contact: Media: Investors: Marie Fuller Alan Fleming Tel: +44 207 408 8375 Tel: +1 (416) 645-2736 Email: Email: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
