What's Actually Going On With Melbourne's 'The Tote'? | Music News

A music venue in Melbourne is facing criticism after fans and a nearby venue raised $6million to purchase The Tote – however, the asking price remained $6.6 million dollars".

What is The Tote? a legendary live music venue in Collingwood, Melbourne

How long has it been around? Over 40 years

Who has played there? You Am I, Paul Kelly, Hoodoo Gurus, Silverchair, The White Stripes

Back in March, Tote co-owners Jon Perring and Sam Cupri announced the Collingwood pub had been put up for sale, saying they had “no petrol left in the tank” to continue operating the venue, citing the stress of navigating it through the COVID-19 pandemic in recent years.

The same month, Shane Hilton and Leanne Chance – owners and operators of nearby venue The Last Chance – launched a crowdfunding campaign on Pozible in an attempt to buy the venue

Hilton and Chance explained that they were able to independently raise 50% of the “6 to 6.6 million dollar” asking price, but were reaching out to the community to crowdfund the remaining half. The target was set at $3 million dollars.

Around the same time, the Perring and Cupri shared a statement on the Tote’s social media, thanking those that pledged to the campaign but affirming that the current asking price for the venue is $6.65 million, a figure “based on the land value” and “backed by a recent independent valuation.” As a result of the shortfall between the asking price and the $6 million the Last Chance were able to raise, the Tote’s current owners said the venue has not yet been secured by Hilton, Chance and the community.

“The asking price allows for the mortgage, all liabilities and the current owners to be paid out fairly. As a way of background, the Tote has refinanced several times to get it through the pandemic, the cost of which is factored into this price,” Perring and Cupri added. “It wouldn’t be here today if these steps hadn’t been taken to get the Tote through this crisis. Hence, the reserve price was set to be fair but also realistic. The price is possibly even conservative by some measures.”

“The Tote is open to such a discussion and is also keen to make this sale occur. In the meantime, by necessity, The Tote remains for sale until an agreement can be reached. Discussions will continue in good faith with Last Chance so stay tuned.”

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Source: https://www.homebrewed.au

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