EXCLUSIVE: Russell Crowe, Wiggle, Passed On Opportunity To Save The Sando

The Sandringham Hotel is edging closer to the hands of developers, with investor expressions of interest closing yesterday without a suitor for the embattled live music venue – despite approaches to Russel Crowe and The Wiggles' Murray Cook.

The iconic Sydney live music venue officially went into receivership in July, which sparked an outcry of community support, resulting in a Save The Sando march, and backlash against the Commonwealth Bank. Today venue owner Tony Townsend told theMusic.com.au that he is issuing one last plea for an investor today, before the venue's books are closed.

He admitted to approaching Crowe, Cook and David Lowy amongst others, and while he accepts and understands their decisions, he is still hopeful for someone to come forward at the eleventh hour.

“We've tried everything that we possibly could,” he said, “but when someone puts you in default it's very hard to get a loan elsewhere… We could have refinanced, but I would have been lying to the financier to say that I could guarantee the payments.”

Townsend said that he and his team have looked at every legal avenue available, but an injunction would only lead to a lengthy court process to “prove their position”. “I could be out of the pub for two years, while the financier is racking up a bill,” he said. “You win to lose.”

To save the Sando Townsend has been searching for a partner to invest $1 million for a 25 percent share, which he says will generate "at least" a six percent return.

“Two people have asked the question [about investing], both could well afford the hotel completely,” he revealed. “Both were musicians, actually, but when it comes down to it everyone has an inner persona, and these two were developers at heart… they were wanting to see a better return.”

Townsend fears that the building will go to a developer who will turn the building into flats. As an example he said that given the zoning in Newtown, a developer could potentially turn around a $5 million profit in 18 months by erecting one-bedroom flats given the high demand for them.

He is hoping that one last push today will prompt an investor who will be able to secure the future of live music at the venue.

“We're not asking for a lot, and we're not asking it for nothing,” he said. “Last call to action, or last drinks at the Sando.”