Changing the anchor text/backlink on my Ezine article

Hi there, just wondering if there are any penalties or is it bad SEO pratice to change the back link I have on my Ezine article to point to a new website?

As the old site that currently was on this backlink's hyperlink has since been slapped by the latest google update and I'm pretty sure it won't be coming back, so instead of writing a whole new article and submit it to Ezine, is there any issue of deleting the current backlink in my Resource Box, and replacing it with a new backlink pointing to my new site? etc.

Could an SEO expert please advise if this is ok? thank you

Please note that content changes and hence the linked site changes too. In that case it is not a bad practice. If today that site is up you linked to it. If it goes down you remove the link right? I don't see how it will hurt you. But why ezine after so many years? They were hit before even panda touched the surface.