Latest news with #MichaelWekerle
Yahoo
5 days ago
- 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
Winnipeg Free Press
5 days ago
- Business
- Winnipeg Free Press
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.
Hamilton Spectator
23-06-2025
- Hamilton Spectator
‘Steadfast': Former Dragon Den investor has impaired driving charges withdrawn after vehicle found in ditch
A former Dragons Den investor has been convicted of Highway Traffic Act charges after impaired charges were withdrawn by the Crown. Michael Wekerle, 61, a merchant banker, was charged on Jan. 17, 2023 at 2:59 p.m. after the OPP responded to reports of a vehicle losing control and going into a ditch on King Street, near Creditview Road, in Caledon. Wekerle was charged with impaired driving and having a blood alcohol count of over 80. It was reported that Caledon's Wekerle had minor injuries as a result of the crash. His car was impounded and license suspended for 90 days, according to a police media release. He was found guilty of careless driving, fined $2,500 and sentenced to 12-months probation. The Ministry of the Attorney General did not comment on why the impaired charges were withdrawn. This incident is just one of a series that have resulted in Wekerle's name hitting the headlines: He was sued for an alleged drunken episode in an Arkansas hotel in 2010. In 2014, his Porsche 918 Spyder caught fire at a Caledon gas station when gasoline reportedly overflowed and then ignited on the vehicle's exhaust according to CBC. He told the news organization he'd paid $900,000 for the vehicle, which was totalled. Most recently, in April, the famous bar the El Mocambo, which Wekerle purchased years ago went back on the market after Wekerle allegedly failed to pay back $56 million in loans according to the Toronto Star. The venue has stood on Spadina for 77 years. Wekerle's lawyer Michael Forte said he spoke to his client and the pair are happy with the results. 'We think the matter was correctly decided with a plea to careless driving under the Highway Traffic Act and not by way of criminal conviction,' he said. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
