Fantasy Island in Lincolnshire has been purchased by events management company Mellors Group.
The Ingoldmells-based amusement park went into administration in August 2014, after accruing large debts.
Mellors is best known in the UK for providing attractions to the London Hyde Park and Nottingham Winter Wonderland events each year.
Managing director James Mellors said: “It is a very exciting time for our company as we have seen strong growth in our events business throughout the region and abroad.
“We pride ourselves on delivering the highest standard of attractions and we have some interesting investment plans and new rides for Fantasy Island in the near future,” he added.
Claire Draper, Fantasy Island’s director of finance, said: “It is testament to the hard work of everybody involved over the past 18 months and what we have been able to achieve with the support and understanding of the administrators.
“Our joint efforts have proved that Fantasy Island is, and can continue to be, a successful and profitable resort.”
Benjamin Wiles, of the outgoing Duff & Phelps administrators said that Fantasy Island was an “important local leisure destination”.
“It is a significant contributor to the local economy and key local employer,” he said.
“I am therefore delighted that the team has successfully delivered a turnaround and sale. Our work has achieved the optimal outcome and secured a long-term future for Fantasy Island and the local economy.”
The park’s latest promotional map states that a new attraction would be “arriving soon”, with the Fantasy Island Facebook page posting that the Mellors takeover would bring “stability, investment and new rides”.