Canada's largest nightclub, The Guvernment, is shutting its doors next year after almost two decades in the entertainment business.

The sprawling, 22,000-square-foot dance hall has been a staple of Toronto’s nightlife since it opened in 1996, and has been ranked among the top nightclubs in the world.

The club owned by INK Entertainment has played host to The Rolling Stones, Prince, Bob Dylan, Lady Gaga, DeadMau5 and more.

According to the CEO of the company that owns the venue, INK Entertainment, “It makes me proud to see how far we've come."

In a statement sent to CTV Toronto, Charles Khabouth said, “The Guvernment is one of my proudest achievements and after such a long-lasting journey with such fond memories, we want to thank all those who made it possible and shared in our successes."

The Guvernment and the various venues that also call the waterfront location home -- Koolhaus, Haven, The Gallery, Surface, Chroma and Skybar -- can hold 3,500 music fans at a time.

The closure will leave a hole in concert scheduling, but Khabouth said INK Entertainment will continue to host concerts and shows at two other clubs the company owns: Sound Academy and Tattoo Queen West.

The statement said the club will host a series of "sensational finale events" in the lead up to its closure on Jan. 31, 2015, though owners haven't said who will be invited to perform.

"You know us, and you know what we do. We're speaking to all key people and we’re not going to go out on anything other than a massive bang," Khabouth said.