CBGB may be reopening under new ownership

Venerated rock club CBGB may not be dead after all.

An unidentified party bought the rights to the venue's name and some of its physical assets about three months, and the new owners are keeping their identity quiet in anticipation of a big opening in the coming weeks, according to The Local East Village.

The vaunted music spot closed down in 2006 after a dispute with Bowery Residents' Committee over back-rent payments.

A spokesman for the new ownership said it bought the estate - along with all merchandising opportunities - from Lisa Kristal, daughter of the club's founder Hilly Kristal.

"In negotiating the sale, Lisa Kristal was motivated much more by preserving the legacy of CBGB than she was by money," the spokesman told The Local. "We had to court her for seven months, proving to her that we would be the best guardians of the name. She wanted to know our plans."

Gothamist reported last week that it the club was looking to reopen, and a Twitter account claiming to be the club's official handle mentioned a music festival set for this summer.

Follow reporter Tim Herrera on Twitter: @tim_herrera