PNG image, wish to change color

[bwood]

I have a PNG image that is a logo. The image is basically a hand drawn line image, and I wish to change the lines to something more colourful. Upon selection the entire background including the image becomes a solid color rectangle.
I cannot ungroup parts of this image adding to the challenge. I could use the trace function, but I fear the image would react as closed. My only option would be to redraw the entire image. Any ideas TG’s? Image is attached.

My Thanks
Bill