Investors have bought assets to nightspot six years after its closure
Legendary New York punk club CBGB could be set to reopen in a new location in the city.
The assets of the nightspot, which closed in 2006, have been bought by a group of investors who are planning to set up a new annual festival and have also been eyeing up potential new sites, reports The New York Times.
The four-day festival is due to kick off on July 5 and take place at around 30 venues across the city, showcasing 300 bands.
Tim Hayes, one of the investors, claimed that the group are not trying to “recreate” the punk period, when the likes of Television, Ramones, Blondie and Patti Smith all graced its stage.
We’re trying to continue the idea of supporting live music, making a lot of noise and being a part of New York City. The festival is one way we can do it. Eventually the club will be another way we can do it.
The rights to the club’s assets had been mired in legal disputes since the death of founder Hilly Kristal in 2007.
However, after the disputes were settled, Hayes made an approach to Kristal’s daughter Lisa Kristal Burgman in early 2011 about reviving the club. Hayes has declined to name the team of investors, but said they are “half a dozen guys who love music”.