Spare Rib co-founder Rosie Boycott has joined the team planning to relaunch the 70s radical feminist magazine online and in print later this year.

Boycott, who co-founded the title in 1972 with Marsha Rowe, and went on to edit the Daily Express and the Independent, will work alongside younger activists as one of nine contributing editors being lined up for the Spare Rib relaunch project.

Others include feminist playwright Penelope Skinner and Tania Shew, a member of north London's Camden School for Girls Feminist Society, according to journalist and author Charlotte Raven, who is masterminding the relaunch and will edit the title.

MediaGuardian understands that among others either considering an involvement with the Spare Rib project, or who have been approached about it, are the Swedish philanthropist and the owner of Granta and Granta books, Sigrid Rausing, and the publisher Felix Dennis.

"I want that continuity with the past," Raven told MediaGuardian. "I want to reimagine Spare Rib rather than rebrand it."

Raven, a former contributor to the now defunct Modern Review who now writes for the Guardian and New Statesman, said Boycott's involvement was one of the reasons she was able to revive the magazine, which folded in 1993.

She declined to elaborate on the specifics of who owns the copyright to the name. "All I can say is that it is fine and that having Rosie on board is part of the reason it is fine," she said.

Raven has confirmed that the website for the new magazine – www.spare-rib.co.uk (currently a holding page) – will formally launch on 27 May and that plans to launch a bi-monthly glossy printed edition for the autumn to accompany it are "going ahead'.

She said the new title will "be the first publication ever to be run as a members' organisation" and promises that the first 300 people to donate £100 will be given a year's subscription and become Spare Rib founder members with access to an exclusive founders' event in the summer.

Raven added that the website will be "heavily curated", but will include opportunities for members to upload their own pieces and "not just comment on other people's articles".

One feature of the printed title will be "concept" covers, according to Raven, who added that the title's tagline "Life not Lifestyle" reflects the urgent need to "explore everyday experiences" of modern women.

She cited among her inspirations the writer Nina Power's 2010 feminist critique One Dimensional Woman.

"I want [Power] to write a piece about three dimensional women for the site," said Raven, adding that she has long considered reinventing the magazine in order to address her frustration with modern feminism.

Raven added that she wants to hold monthly "politicised" immersive theatre events – large-scale theatrical "experiences" which will be available to the magazine's members.

"I don't like debates, I find them fairly boring," she said. "[The theatre events] will be beyond a party I suppose, with the event and the magazine being all of a piece. I like parties but you can be fed up with the same old thing.

"We will have a kids section on the website and they will have a debates section. But for adults I want to have grown-up events."

In an email to friends and potential backers, Raven said members will also be treated to a glamorous Shoreditch party where "costumed penitents", including the columnist Rod Liddle and MP George Galloway who will serve cocktails.

Raven declined to confirm whether this was entirely a joke. But it is understood that she has known Liddle for a number of years and that while he has not been formally approached, the team harbour hopes that he may appear at the launch party. It is not known if Galloway has been approached or has agreed to take part.

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