Saved: Big Apple Circus to return in 2017 under new ownership

JAMAICA, Queens -- Ringling Bros. and Barnum & Bailey Circus may be shuttering, but the Big Apple Circus has managed to cartwheel itself out of bankruptcy.

A judge on Tuesday approved a deal that would save the circus by selling its tents, equipment and intellectual property to Big Top Works, an affiliate of the Florida-based investment firm Compass Partners LLC. Compass was the previous winning bidder at an asset auction with a $1.3 million offer.

The nonprofit Big Apple Circus, which can now celebrate its 40th year, filed a Chapter 11 petition in November, seeking to continue operating, albeit in a diminished way. The circus said its debts amounted to $8.3 million, against assets of $3.8 million, in its Chapter 11 filing.

Neil Kahanovitz, a partner at Big Top Works who is a former circus performer, in a statement called the Big Apple Circus "a cultural gem" and said, "We couldn't let this beloved American pastime just disappear."

The Big Apple Circus began in 1977, and at its height staged more than 300 shows. It hopes to return to its longtime home at Lincoln Center this fall.

Ringling Bros. recently announced it will close in May after 146 years, citing falling ticket sales, high operating costs and changing public tastes in entertainment.