The Stone Pony in Asbury Park, N.J., which has been shuttered since 1998, may open its doors again by Memorial Day, according to the Asbury Park Press. The club gained fame in the mid-1970s as a favorite hangout and jamming spot of Bruce Springsteen [ tickets ], and its legend grew as acts like Southside Johnny and the Asbury Jukes, The Smithereens [ tickets ], and Bon Jovi [ tickets ] built followings there.

According to the newspaper, a group of investors led by Domenic Santana--owner of the Hard Grove Cafe, a successful live Cuban music club in Jersey City--hopes to close a deal to purchase the club by the end of the month. The group reportedly intends to pay $500,000 for the club, the rights to its name, and to complete renovations.

Under the plan, the club will once again be a live rock music venue. The investment group also hopes to launch a chain of Stone Pony venues.

The Stone Pony opened in 1974, amid a thriving Asbury Park music scene, and shut down in 1991 when its original owners, Jack Roig and Robert ''Butch'' Pielka, went bankrupt. Steve and Judy Nasar purchased the club and re-opened it a year later.

The Nasars closed the club September, 1998. Though they initially announced plans to turn the space into a dance club, those plans never materialized.