The Penguin Drive-In To Change Management, Concept

CHARLOTTE, N.C.,None — The management of one of Charlotte's most popular restaurants will be changing hands after a battle over the rights to the location and the name.

The Penguin first opened its doors in the Plaza-Midwood neighborhood in 1954 by Jimmy Ballentine.

10 years ago, owners Brian Rowe and Jimmy King took over ownership and signed two five-year lease agreements with the building's owner, listed on the Mecklenburg County tax records as Ballentine Family Investments LLC.

They renovated the original restaurant, giving it a new look and feel and boosting its popularity to iconic status in Charlotte. It became so popular that it was featured on the Blue Plate Special episode of the popular Food Network show "Diners, Drive-Ins and Dives".

VIDEO: The Penguin Restaurant Changing Ownership

The current lease agreement was about to expire and Rowe said the building's owner – who also owns the name – came to him and King with an offer.

After rejecting the offer, Rowe and King will now be leaving The Penguin to run the Diamond Restaurant, which is only a block away.

"We have no say in the matter, really. The offer they made us was unacceptable, and then they came back with a second offer that was even worse. It's only so much you can do," Rowe said. "They own the building and the name, and they see that it is a very busy place, and they wanted to join up with us and we couldn't do that."

"We have to go; they're going to take over and we don't know what they're going to do," Rowe said. The owner said the lease expires on Nov. 1.

The Diamond Restaurant, which Rowe, King and Andy Kastanas own, will open around the same time the The Penguin's new owners take over.

As far as The Penguin, the new owners said that they will continue to operate an eatery at that location, but it will be different from the current restaurant.

The change in ownership has already sparked an online effort to boycott the Penguin after Oct. 24. The movement now has its own Facebook page, Boycott the Penguin as of Oct. 24th.

Sound off in the comments section below and let us know what you think about The Penguin changing ownership.

WSOC