Investors plan music festival to revive CBGB name

CBGB fans gather outside of the iconic New York club to attend its final concert on Sunday, Oct. 15, 2006, in New York. A homeless advocacy group, which owns the property, is not renewing CBGB's lease. It expired in August 2005. The grungy club, which has been a fixture in downtown New York, will close October 31st.

May 8, 2012 6:55:43 AM PDT
The legendary punk-rock club CBGB closed six years ago. But now a group of investors has bought the assets of the club and plans to establish a CBGB music festival in various New York City venues this summer.

The investors bought the name and other assets of the club from Lisa Kristal Burgman, the daughter of CBGB founder Hilly Kristal.

Kristal died in 2007.

The New York Times reports that the new owners hope to eventually reopen the club at a new location.

In the meantime, this year's four-day music festival is scheduled to begin on July 5. It will showcase about 300 rock bands.

The original CBGB on the Bowery was an incubator for acts like the Ramones, the Talking Heads, Patti Smith and Blondie.

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