Complex sentence: Both clubs were sold in 1965 and some speculate that associates of the Genovese crime family took it over, and that it was controlled by Matthew Ianniello who managed many gay bars and strip clubs in Manhattan.
Split into simpler sentences: Both clubs were sold in 1965 and associates of the Genovese crime family took over. The New York club was controlled by Matthew Ianniello who managed many gay bars and strip clubs in Manhattan.