The owner of landmark New York club CBGB has been given another year to operate business in the East Village, despite losing a battle to keep the venue open indefinitely.

Hilly Kristal lost his fight against landlords to keep the famous punk club open in September (05), despite a summer of big name benefit shows.

But Muzzy Rosenblatt, the executive director of the Bowery Residents' Committee, which owns the building, has given Kristal the chance to stay in business at his original location for another 12 months.

Kristal plans to use the year to look for an alternative site for the club nearby, dismissing speculation that he'll open a CBGB in Las Vegas, Nevada.

He says, "We're known on the Bowery."