The show must go on, and for the Big Apple Circus, that hackneyed old saying is actually true: A judge has approved a deal that will save the circus by selling its tents, equipment, and intellectual property to an investment firm.

Big Apple filed for Chapter 11 in November with debts totaling $8.3 million. It will now continue to operate under the approved bankruptcy plan, reports the Associated Press.

Big Top Works, an affiliate of investment company Compass Partners LLC, had the winning bid of $1.3 million, beating out a handful of other bidders.

“We couldn’t let this beloved American pastime just disappear,” said Neil Kahanovitz, a partner at Big Top Works and former circus performer, calling the 40-year-old circus a “cultural gem.”

Big Apple said in a statement last week when it accepted Compass’ bid, that the choice was based on the company “offering the highest bid and making a compelling case to revive the circus performances consistent with the original Big Apple Circus mission and values: serving family audiences in NYC and on tour, sensitive to accessibility and to differently abled audiences.”

For circus lovers, this may be a bright spot in an otherwise dreary parade of sad clowns: Earlier this year, Ringling Bros. announced that it would be closing down its circus for good come May.

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