johan 300x249 Sellaband Assets Acquired. Platform Will Live On.SellaBand, the bankrupt crowd-funded online record label has managed to find a buyer that will acquire its assets and reopen the service, giving its artists an opportunity to continue to raise money.

Today saw CEO Johan Vosmeier (right) announce in a statement on the site that he has stepped down and that Munich-based entrepreneur Michael Bogatzki is taking over.

In the statement Vosmeir says:

“I always thought that this message would be the most difficult to write, but it’s not. Even though today signals the end of the road for me as CEO of SellaBand, I am thrilled to announce that our brain child has found new parents and will get the opportunity to grow further. From today onwards, the name SellaBand will live on and the new owners intend to keep the spirit of SellaBand and its community alive. Moreover, I have spoken at length with the people who have bought www.sellaband.com and am totally convinced that they are just as committed as we always were to build a solid future for SellaBand.”

There isn’t much information available about the new buyers. The CEO is one Michael Bogatzki, a Munich based entrepreneur who has reportedly been involved in marketing work for the likes of Sony BMG.

He also left a statement on the site introducing himself:

We will continue to advance this fantastic platform while acting in the spirit of the SellaBand community and its founders. We are thankful for the exceptional work of Johan Vosmeijer and his wishes.

Starting from today we proceed with this unique concept and maximize the potential of SellaBand with the trust and faith of all Artists and Believers. In personal I am proud to be part of this idea and I am aware of my responsibility for done work and successes. I will take care about the community and spirit of sellaband.com with your help and confidence.

So what went wrong?

Wired have a great analysis of what really went wrong – primarily, the business model. More specifically, reliance on CDs, expensive production and lack of promotion for the artists that actually “made it” (those who earned $50,000 in investment from “believers”).

“The problem is that the business model is not bringing profits,” said SellaBand founder Pim Betist, who left the Amsterdam-based company about a year and a half ago. “That’s why they’re suffering, and that’s why they went bankrupt, and now they need to let go of the concept.”

Make no mistakes about it, this is not an acquisition of the right kind, Sellaband’s name and its members are all that remain.