The El Mocambo might be saved from redevelopment and continue as a live music venue, according to a report in the National Post. A new buyer has entered the picture at the very last minute, one who is apparently interested in continuing the legacy of the iconic venue.

Update: CBC has confirmed that Dragons' Den newbie Michael Wekerle is the buyer of the El Mo. CBC has described him as "a rock star in the world of Canadian finance" and appears to self identify as "Mick Jagger meets Warren Buffett." Wekerle has a long history of donating "millions" to charities and arts organizations, so sustaining the venue might be in his plans. Light of Day plans to officially reveal the new owner's name at their benefit concert at the El Mo tonight.

We just got a call on @Indie88Toronto. Looks like the new Dragon from Dragons Den bought @ElMocamboTavern . http://t.co/6G3Z9sTlXS

— Candice Knihnitski (@Candice_Indie88) November 6, 2014

.@siomo We'll be announcing the new celebrity owner and handing over the key tonight at #LOD8 ! #LOD8LIVE

— Light Of Day Canada (@LODCanada) November 6, 2014

Dragons' Den cast member Michael Wekerle confirms he put deposit on iconic El Mocambo. Purchase set to close mid-January 2015. #cbcto

— CBC Toronto (@CBCToronto) November 6, 2014

There may be an El Mo show in the works as soon as this weekend - November 8th - which comes as some surprise.

Prior to this morning the venue was still slated to close -- at least temporarily -- after tonight's show. According to the Post, the new buyer submitted a deposit cheque for the building, which means that the deal isn't officially closed. We'll keep you posted as we learn more.

The exact future of the venue is still up in the air, but fans of this city's music history can breathe a little easier knowing that the gears are in motion to preserve one of our most storied stages.

It won't be easy to make the El Mocambo a successful music business when it reopens. Current owners Sam Grosso and Marco Petrucci tried to keep a steady stream of bookings, but for all the apparent nostalgia, the interest just wasn't there. Perhaps a new owner can foster some appeal that goes beyond the sign outside the venue.

Photo by lori whelan in the blogTO Flickr pool.