Rumors that the CBGB might reopen have been confirmed by a spokesperson for the new owners, reports the Local East Village.

The new owners, who have remained anonymous, bought the estate and rights to the name nearly three months ago from Lisa Kristal, who inherited it after a bitter family feud following her father's death in 2007.

The old space of the club is currently inhabited by a boutique, which means the new owners will use the old merchandise -which until recently had been stored in a storage basement in Brooklyn - at a new location in Manhattan.

There has even been talk that the new owners will hold a CBGB music festival this summer, in honor of the old establishment.

The original CBGB club closed its doors in 2006 and was owned by Kristal's father, Hilly Kristal.