The renowned owners of the Annandale Hotel, Matt and Dan Rule are stepping away from the venue they built as receivers were appointed today.

On Monday it was reported that the iconic Sydney live music venue was staring down the barrel of receivership, but exact details have been vague until now.

Having met with the bank on Monday to assess their options, receivers Ferrier Hodgson have now been appointed and taken control of the venue. It is their intention to keep live music at the venue.

Speaking to theMusic.com.au today, Dan Rule offered the following statement: “Ferrier Hodgson have come into the Annandale today and they want to keep live music at the hotel. We are working with them to ensure that live music does stay at this iconic Sydney venue.

“Existing staff and bookers are staying on at the hotel, while in stepping aside we wish the venue all the best for the future and urge Sydney music fans to continue to support live music.”

Today the venue's booker Mark Smithers told theMusic that they were still in the process of working out exact details for the venue's future but stressed “everything's looking positive”.

Both the venue and management have confirmed that tomorrow night's nearly-sold-out show from The Smith Street Band will go ahead, as will other gigs planned for the venue.

Ferrier Hodgson were also the appointed receivers for the Sandringham Hotel and the Allans + Billy Hyde retail stores.

MAYOR MAKES LIVE MUSIC GUARANTEE

Also speaking to theMusic.com.au today, Leichhardt Mayor and outspoken Annandale Hotel supporter Darcy Byrne said that he hadn't yet been in touch with the Rules or receivers, but said, “I understand they are exploring avenues to keep the venue open and our first response is to do whatever we can to help them do that.”

As part of that pledge he said that he could offer, “A guarantee that under my leadership the council will no longer be the fun police and take veracious legal action against the Annandale… It's cost rate payers money and has been a cause of the hotel's troubles this week.”

He added that all across Sydney, “Councils pandering to a small number of activists and punishing music venues has to stop.”

Mayor Byrne has gone on record saying that he wants to designate the Leichhardt section of Parramatta Road as a live music precinct. Home to the Annandale Hotel (as well as the Lewisham and others) and one of Sydney's main transport arteries to the western suburbs, the Mayor admitted that the area is an “eyesore”.

“I think every few months there's naval gazing about what to do with Parramatta Road. A live music district is one of the most exciting ways to revitalise the urban wasteland.”

As part of a wider plan the mayor also wants to increase the number of festivals in Leichhardt that he hopes will feed into live venues and provide a platform for young and emerging artists.

Last week Sydney Lord Mayor Clover Moore kicked off her Live Music Taskforce and yesterday we revealed that Enmore venue Notes Live has secured a new owner.