Former “Dragons Dane” star Michael Veckerlet drowned a lot of money in El Mokombo, but did not adequate fire in the stored site, now a new owner.
The legendary Rock Bar on Spadina Avenue in Toronto announced on Tuesday that Ontario Superior Court of Justice has approved its sales to a company controlled by Cyrus Madon.
Madon itself is a very big name in financial circles, which plays the executive vice -president in Brookfield Asset Management.
The music site announced that Mike Charut would continue as the Executive Director of L Mo as a new ownership.
“This is an exciting day for the El Mo team,” Croil said in a release posted on social media.
“El Mokombo is not just a site – it is a living, breathing part of Toronto. With the support of our new ownership, we can move further in making Canadian artists champion, building unforgettable experiences and making place for cultural and community.”
Established in 1948, the site has hosted some of the biggest names in a few years including Rolling Stones, The White Stripes, U2 and Gordon Lightfoot to name some people.
The transaction of El Mo is subject to customary situations, release notes, but is expected to be closed in the coming weeks.
This announcement was made back in April 2025 Limits at about $ 56 million in assets tied loans.
An Ontario court appointed EY, earlier known as Ernst and Young, to oversee the sale of the club and its property.
Wekerle bought assets at $ 3.8 million in 2014 and quickly began to put money in the project, with $ 35 million spent on major renovation.
The Canadian Press report that by the time the site opened again after renewal in 2021, the waker had already stopped repaying his loans.
Nevertheless, the former dragon did not regret purchasing.
“If I have not bought it, it would be a drug store right now, or a shopping center, or whatever,” he told the Canadian press.
With files from Canadian press