Sputnik, the enduringly hip bar and restaurant on South Broadway, is changing hands for the first time in its 21-year history.

“I worked at Sputnik for 10 years and I’d stayed in contact with (owners) Matt LaBarge and Alison Housely,” said Joe Phillips, who’s buying Sputnik, 3 S. Broadway, with former Sputnik manager Spencer Madison. “I knew they were thinking about selling so I went up to them and said, ‘Before you consider any offers, think of me.’ ”

The conversation, which started earlier this year, was geared toward retaining the bar’s character and culture, Phillips said. Phillips co-owns Fellow Traveler in Englewood, where Madison also works, but plans to keep the staff and culture separate at his businesses — although both are known for their vegan menus and drinks — and preserve Sputnik’s “raw” appeal.

He declined to share a purchase price, but said he received a good deal and will be taking over the lease. He and Madison will officially take ownership the first or second week of August, he said.

LaBarge did not immediately respond to a request for comment.

Opened in 2003, Sputnik was at first a sister bar to the Hi-Dive rock venue, right next door at 7 S. Broadway. When Labarge sold the Hi-Dive a decade ago to a new ownership group (of former Hi-Dive employees, it must be noted) Sputnik officially split off. But it has retained its close relationship with the Hi-Dive, given that employees first worked at both places for years after it opened.

Phillips plans to keep the same 15 or so staff members at Sputnik, he said, but shave down its menu for the sake of efficiency. He won’t get rid of “sacred cows” such as the hand-dipped corn dogs, the Cubano, and poutine, he said. Sputnik has long been a popular pre- and post-concert stop on South Broadway, as well as a brunch favorite and social hub for The Underground Music Showcase, which returns this weekend (July 26-28).