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rfmcdonaldNews that Spadina Avenue music joint El Mocambo was set to closer triggered, as the CBC noted, the place's purchase by a Canadian businessman and television celebrity.
The Globe and Mail's Ann Hui has more about the background.
While the idea of keeping El Mocambo going, at least for a little while until its viability can be determined, does appeal to me, I wonder if there are other motives. Self-promotion, perhaps?
The El Mocambo was slated to close its doors for good on Thursday night, until a new investor stepped forward to buy the legendary music venue.
Dragons' Den cast member Michael Wekerle put down a deposit to buy the Spadina Avenue music haunt, and El Mocambo has accepted it.
The $3.78-million purchase is set to close by middle of January 2015, according to Wekerle.
"I made the decision within a week and bought it within a day," Wekerle told CBC News.
The Globe and Mail's Ann Hui has more about the background.
For months, owner Sam Grosso had been looking for a way to keep open the historic building with its trademark green and yellow palm tree sign, which he could no longer afford to keep afloat. “I knocked on a lot of doors … and the doors kept shutting,” he said.
But when he put the famous neon sign up for sale, Mr. Wekerle, the 50-year-old CEO of Difference Capital took notice.
“I heard that the sign was up for sale, so I drove by and saw the building was for sale,” Mr. Wekerle said. In a deal finalized on Wednesday, he bought the club for $3.7-million.
The heavily-tattooed CEO, who likes to describe himself as “Mick Jagger meets Warren Buffett,” said he made the purchase because of his love of music, as well as the importance El Mocambo has played throughout Toronto’s music history.
While the idea of keeping El Mocambo going, at least for a little while until its viability can be determined, does appeal to me, I wonder if there are other motives. Self-promotion, perhaps?
