Toronto's El Mocambo Saved Thanks to Last-Minute Purchase by 'Dragon's Den' Star Michael Wekerle

Toronto's El Mocambo Saved Thanks to Last-Minute Purchase by 'Dragon's Den' Star Michael Wekerle
Toronto's El Mocambo has changed hands a couple of times in recent years, with the iconic venue's neon sign even going up for auction last month. The El Mo's final blowout show was due to take place tonight (November 6), but — believe it or not — it has been saved from imminent closure after changing hands once again.

This is thanks to Michael Wekerle, the CEO of Difference Capital Financial and a new Dragons' Den panelist on CBC, who reportedly purchased the venue due to its iconic cultural status in Toronto. Over the years, the club has hosted bands like Blondie, U2, Fats Domino and the Rolling Stones.

A press release describes the tatted-up Wekerle as, er, a "rock star in the world of Canadian finance." He is apparently a bit like "Mick Jagger meets Warren Buffet."

Although the sale isn't yet final, he put down a deposit on the club and the offer has been accepted. It should be made final by January of next year. According to an announcement, Wekerle "hopes to see it live on in a new way for Torontonians." He will be at the venue for the show tonight. The price of the sale hasn't been announced, but the club was on the market for $3.95 million earlier this year.