Many were left disappointed in July as news broke of the owners of Yours and Owls cafe selling up and moving on from their Kembla Street address.

Having established itself as the heart of live music in the Wollongong CBD, the future of the venue was uncertain amidst a string of legal issues and other problems plaguing the bar and its owners.

Now, after fans, bands and the owners themselves bid adieu to Yours and Owls with their bumper farewell party last Friday, the future of the venue has been confirmed, and music lovers can breathe a sigh of relief.

Daniel Radburn, formerly a manager at the venue, announced yesterday that he will be the new owner of Yours and Owls once transfer of lease is approved. Mr Radburn, drummer for prominent Sydney band Step-Panther and Wollongong outfit Nuns, said the new venture would stick closely to the ideals set out by the Yours and Owls crew.

"I want to follow in their footsteps, learn from what they've done and improve," he said.

"It would be too much of a loss to lose this place. I've loved it since it's been open, and being a musician myself, I wanted to keep it going."

The venue will henceforth be known as Rad Bar. Mr Radburn said all scheduled concerts would go ahead, and the venue would still be a hub of live music.

He also hinted that the bar may slightly scale back the number of live concerts - which sometimes numbered five or six per week under the previous owners - and have a greater focus on other creative avenues such as poetry slams or art events.

"Music is still the big part, but even if it's not every night, we'll have chill nights. Not everyone loves super loud music," he said.

"That's one of my favourite things about the place, that it offered something different for Wollongong culture."

Mr Radburn said the owners of Yours and Owls would stay on in some capacity. He also said plans were underway to increase the capacity of the notoriously small bar, build a second bar and seating area upstairs and bring back food and drink during the day.

"It is Rad Bar now, but we'll have an official launch party in October," he said.