A former Flybe shareholder has bought the airline from administration.
The Exeter-based airline after running into financial trouble in January, with mounting losses prompting it to approach the government to seek emergency financial support.
When this wasn't agreed, coupled with the impact of the pandemic, the airline collapsed into administration.
Now, a company led by hedge fund executive Lucien Farrell is to buy the airline and operations could begin again as soon as next year.
The regional carrier expects to start off smaller than before.
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Simon Edel, an administrator at accountants EY, said: "Today's announcement, and the upcoming completion of this sale, will be great news to communities around the country that were previously served by Flybe.
"The restart of this iconic brand, which was once Europe’s largest regional airline, will provide a potentially significant boost to aviation jobs, regional connectivity, and local economies.”
Flybe’s business and assets, including the brand, intellectual property, stock and equipment to Thyme Opco Limited, a company affiliated with investment adviser Cyrus Capital.
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Cyrus was a shareholder of Flybe, along with Sir Richard Branson's Virgin Atlantic, before its collapse.
No sale price was disclosed. The deal must pass regulatory hurdles before being final.
But it was announced on Monday morning that subject to certain confidential conditions, this new deal is expected to allow the business to restart operations under the Flybe brand in early 2021.
The move has been welcomed by Tim Jones, chairman of the South West Business Council: "The investors behind this have already put a lot of money into the project and are willing to have another go which is very much to be welcomed.
"We don't know yet what this means for the former Exeter HQ but we would love to see Flybe back at the place where the business was first nurtured. What we do know is that having Flybe back will add greatly to the transport infrastructure of the South West and bring vital links for business and leisure travellers."
Administrators said they will work together with Thyme Opco, the company associated with Cyrus Capital who completed the deal, the Flybe management team and the 海角视频 Civil Aviation Authority to prepare for the relaunch of the airline's operations.
A spokesperson for Thyme Opco said: “We are extremely excited about the opportunity to relaunch Flybe.
"The airline is not only a well-known 海角视频 brand, it was also the largest regional air carrier in the EU, so while we plan to start off smaller than before, we expect to create valuable airline industry jobs, restore essential regional connectivity in the 海角视频, and contribute to the recovery of a vital part of the country’s economy.”