The El Mocambo, the storied tavern and club in downtown Toronto, was on the verge of shutting down Thursday night. The iconic neon palm tree above the door had almost been sold.
But white knight, Michael Wekerle, also known in Canada now as a “Dragon”, has come to it’s physical rescue. Wekerle is a member of the panel on the popular CBC TV program, Dragon’s Den.
Musicians from Fats Domino to Blondie, Elvis Costello, U2 and Bon Jovi, took to the stage of the El Mo, while generations of Canadians took to the dance floor.
The El Mocambo was the scene of the Rolling Stones’ shows, back in 1977 when the Prime Minister’s wife, Margaret Trudeau, joined them to hang out.
Michael Wekerle, who made his fortune investing in tech and media companies, put down a deposit to buy the Spadina Avenue music haunt, and the current owners accepted.
“I made the decision within a week and bought it within a day,” Wekerle told CBC News.
The $3.78-million deal for the landmark venue is set to close by mid-January 2015, according to Wekerle.
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