Bretton Water Park will now definitely remain open after Vivacity agreed to take over the running of it.
Peterborough City Council had proposed to cut the £18,000 funding for the popular attraction, leaving its future in doubt, as it looked to save £24 million to balance its budget.
Instead, the city council had hoped Bretton Parish Council would fund the site instead, while charging for entry was also seen as alternative option.
However, following opposition to the proposals the city council said it would try to seek alternative funding, and at this morning's cabinet meeting (Monday, February 26) it was announced that Vivacity - which runs arts, culture, sports and leisure facilities in Peterborough - will take over the running of the park.
Cllr John Holdich, leader of Peterborough City Council, said: "We have listened to public concern about the proposed closure and actively worked to find a solution. I am delighted with this outcome because Vivacity have an excellent track record of running community facilities and the water park is very popular.
"We have made it clear that in light of substantial funding cuts from central government we have to consider making tough decisions. However, we will continue to listen to residents about our budget proposals, so please let us know your views as part of the ongoing public consultation."
Alan Sadler, Vivacity chairman, said: "We are delighted to be able to help secure the future of a much-loved community facility, ensuring that families can continue to enjoy using it for years to come.
"Vivacity is proud to work with partners such as Peterborough City Council who share a commitment to making Peterborough a better place to live, work, and visit."
Bretton parish councillor Scott Warren was at the cabinet meeting where he handed in a petition of 330 signatures in support of the park.
Following the announcement Vivacity would now run it, he said: "We're very pleased. You can see the kind of response we've had on the doors and from people in the community about the water park."
Asked about the city council's original decision to cut the park's funding, he called it a "poor decision" but said the parish council believed it could fund the site.
He added: "We were looking at going out and getting a grant for a catering van.
"When you look at how much that would generate in revenue, we could get money to look after the water park, make it open for longer and make it more of an asset in the community."