Since opening in 2009, the restaurant and live music venue has provided a stage for legendary international acts like Mick Fleetwood, Taj Mahal and J Mascis, as well as regularly hosting Australian icons like Jimmy Barnes, Kasey Chambers and Archie Roach.

"It's been building and now the day has come," Lizotte told the Newcastle Herald. "It's a strange feeling, I must admit."

Family is the overriding reason why Lizotte and his wife Jo are drawing the curtain on the venue.

In 2018 their youngest daughter, Emelie, had twins and eldest daughter, Sammy-Jo, is pregnant with her first child. Sammy-Jo lives in Ireland and works as a tour manager with the likes of Elton John and Jeff Beck.

"My family is growing all the time and it's gonna give us an opportunity to spend more time with them and I want to be more present in my grandchildren's lives," he said.

The COVID pandemic was a difficult time for live music venue-owners and Lizotte's was closed for large periods in 2020 and 2021. Ironically the pandemic actually delayed plans to sell the venue.

"COVID didn't leave us much choice but to hold on for dear life and make sure the actual business model kept going," he said.

"That's been tough over the last two to three years, but now we're in a position where the business has steadied out and is definitely in good shape again."

Both the business and the 200-seat art deco King's Theatre, built in 1910, are going on sale.

The impending sale of Lizotte's follows news that another of Newcastle's most famous music venues, the Cambridge Hotel, is expected to close in June 2023.

French-owned company Linkcity is planning a $110 million redevelopment of the Newcastle West site to build a 19-storey student accommodation tower.

Lizotte said his preference was to find a buyer who wanted to maintain the Morehead Street business as a live music venue.

"I'm putting that out to the universe that there's gonna be someone out there - and I know that there is - that is fresh and ready to go to keep the reins going," he said.

Lizotte's will be especially missed by musicians. The venue's reputation in the music industry is legendary due to Brian Lizotte's service to his performers.

"That's been my motto and and mantra, feed the musicians well and make them the focus, not the venue or profit, and the punters will win ten-fold when the artist gets on stage and loves playing at the venue," he said.