The Annandale facing receivership

* UPDATE *

The Annandale posted the following on Facebook this afternoon:

"Dear Folks.
Just a quick note on what happened today. Matt and Dan meet with the bank today to discuss the position of the hotel. The bank are reviewing that now,
The hotel is not closed and our goal is to work with the bank to ensure that live music will continue through this period.
We will keep you updated ASAP"

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Original story

Online reports suggest Sydney live music venue The Annandale is going into receivership.

Owners held a private gathering last night where it was disclosed they would hand the Annandale’s keys to receivers this afternoon, triple j reports.

If speculation is correct and the venue enters receivership then its future as a live music venue remains unclear.

The live music hotspot has been on the verge of closure since 2011 when owners Matt and Dan Rule addressed “crippling debt” by launching the ‘Buy-A-Brick’ campaign. This initiative raised over $50,000 and allowed fans to buy a stake in the venue.

In recent years, The Annandale has faced financial problems relating to late night trading and noise complains.

Built in the 1930s, the venue has hosted hundreds of gigs over the years with everyone from The Hoodoo Gurus to The Bronx gracing the stage.

An official comment from the venue is expected this afternoon.