The perpetual game of limbo has ended.

The London Ice Park, a twin pad arena in southeast London, was bought out of receivership by Buckingham Sports Properties on Tuesday.

“It’ll give everyone a sense of security,” Ice Park general manager Jen Ogglesby said of the new deal. “We’re hoping people will start to come back and give us that chance.”

The city’s only privately-owned arena took some heat this spring after an ammonia leak and carbon-monoxide scare painted a black eye on the facility.

Buckingham, an affiliate of the InterTech Group based in South Carolina, promises to invest an initial $1 million into the Brookside Street building and surrounding property.

InterTech president Rob Johnston declined to disclose how much the company paid, saying they bought it for a “very fair price.”

Previously run by Rink Partners Corporation and managed by Sportrec Facility Management, the Ice Park went into receivership in mid-November after the owners declared bankruptcy.

“We’re here to turn the building around,” said London native and former Knights player John Cook, vice-president of operations for Buckingham. “We will start tomorrow.”

Some short-term improvements will include installation energy-efficient light bulbs; buying TVs and restaurant equipment for the in-house pub; and acquisition of new hockey nets and zambonis. The parking lot will also be repaired.

“It’s going to be an uphill climb,” Johnston said, “but I think we have the team, the knowledge, the financial backing, to make it happen.”

Buckingham made an unsuccessful pitch to take over the Ice Park a few years ago and in March bought another former Sportrec-managed arena in receivership, the Cambridge Ice Park.

“We’ve been trying to buy rinks in southwestern Ontario for (the past 10 years) now,” Johnston said. “We would like to buy more in Ontario.”

Along with the Ice Parks in Cambridge and London, Buckingham owns Westwood and Chesswood arenas in Toronto, with a third GTA-based arena on its way.

The also own the South Carolina Sting Rays hockey club, which plays in the East Coast Hockey League out of Charleston.