AUSTIN, Texas — Popular Austin LGBTQ+ nightclub Cheer Up Charlie’s will no longer be sold to a Florida-based investment firm after the bar announced on Nov. 4 that both parties have pulled out of the deal.

“As of 2:15 p.m., November 4th, 2025, both parties have amicably agreed to part ways. Both parties have rescinded, and Pride Holdings is no longer involved in Cheer Up Charlies. Our [LLC] membership interests have been returned and we (Tamara Hoover & Maggie Lea) remain owners of Cheer Up Charlie,” co-owners Hoover and Lea said in a statement they shared with The Austin Chronicle.

Less than a month ago, on Oct. 14, Public Holdings Group, an LGBTQ+ nightclub and entertainment group, announced its acquisition of Austin’s beloved bar.

The deal came after Cheer Up Charlie’s nearly closed its doors for good on Sept. 1 due to $58,000 of unpaid back rent. Austinites refused to let the Red River Cultural District staple shutdown after 16 years and rallied behind the venue to raise the funds it needed.

Shortly after, Pride Holdings announced it would acquire Cheer Up Charlie’s. Along with the acquisition, the bar shared plans to increase its reach into more Texas cities with openings in Dallas, Houston and San Antonio.

Lea and Hoover said they would continue to hold leadership roles with the business; however, the decision raised concern among some community members.

Scott Neal, owner of historic LGBTQ+ bar Oil Can Harry’s, told The Chronicle he feared the deal might strip Cheer Up Charlie’s of its local character.

When questioned on Oct. 31 by The Chronicle about what written protections were in place to shield future altercations, Price Holdings did not comment.

Yesterday, Pride Holdings PR representative Michael Goodman maintained the company was adamant about its desire to be involved in Austin’s community and shared plan to join the city’s LGBT Chamber of Commerce. According to The Chronicle, as of Nov. 4, Pride Holdings had not responded for comment about the rescinded deal.

“Tamara and I have nothing bad to say about Pride, we just put in a notice and we’re out,” Lea told The Chronicle. “I think it’s what is best for both of us and they agree.”

Lea and Hoover did not share what is next for the bar.