After more than 40 years, Ranchman's Cookhouse and Dancehall, one of the best known and longest running country bars in Canada, has new owners.

Led by Doug Rasberry, a group of Calgary business owners have bought the iconic country and western dancehall and eatery.

Rasberry owned the Back Alley nightclub for more than two decades before the space was transformed into its current incarnation, Marquee Beer Market.

Negotiations for the sale began after the death of Ranchman's co-owner Harris Dvorkin earlier this year.

With Stampede set to kick off in a matter of weeks, the new ownership group announced the pro bull riding events held annually at Ranchman's will continue, with the 18th annual Ranchman's Renegade PBR Bullbustin event going July 4 and 5 and the fourth annual Sunbelt Rentals PBR Bullbustin in support of the Sheldon Kennedy Child Advocacy Centre, set for July 6.

A press conference is scheduled for Thursday morning when more information will be released.