The fate of Toad's Place in Richmond, Va., could be decided in the next couple of days, according to sources, who tell Billboard.biz that lawyers are currently working out a dispute between owners of the 1,435-capacity venue and the building's landlord.

On March 9, a legal notice posted on Toad's Place stated that the venue was closed because of "serious default in rental payment and other obligations," according to the Richmond Times-Dispatch. The notice reportedly came from Kiniry and Co., manager for Fulton Hill Properties, and said that a notice of default was given to principal Toad's Place investor Charles Joyner on Feb. 20.

The Toad's Place Web site has made no mention of the closing, and no shows have been canceled. Upcoming concerts at the venue include Busta Rhymes (March 13), Lady Gaga (April 3), Neko Case (April 6), Dinosaur Jr. (April 30), Atmosphere (May 17) and Ted Leo & the Pharmacists (June 9), among others.

Representatives from Toad's Place did not immediately respond for comment at deadline.

A booking agent who has a client scheduled to perform an upcoming concert at Toad's Place tells Billboard.biz that the concert may be moved to a nearby venue if the dispute isn't resolved quickly. The agent says that with each hour that the venue's fate hangs in the balance, the agency's client could be losing out on ticket sales.

Toad's Place in Richmond (another location exists in New Haven, Conn.) opened in June 2007, filling a void that for many years forced touring acts to skip the market, the Agency Group's Mike Mori told Billboard in 2008. Prior to the venue's opening, Richmond lacked a club that could hold more than 500 people, according to Mori.

If Toad's Place in Richmond shutters, touring acts will still have another similar sized venue to perform in. Last year, the 1,500-capacity National opened its doors and has maintained a healthy concert schedule. Some agents say that competition is stiff between Toad's Place and the National.

"That market was never going to be able to support both the National and Toad's Place," Billions Corporation president David Viecelli tells Billboard.biz.

But others in the industry have enjoyed the option of more than one venue in the market. "It's a luxury to have two solid rooms in that 1,500-capacity neighborhood in a market the size of Richmond," independent manager and booking agent Ben Dickey tells Billboard.biz.

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