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.