South Parade Pier Ltd said it had purchased South Parade Pier in Southsea for an undisclosed sum.
The Grade-II listed pier was closed in 2012 after being deemed "a danger to the public" and at risk of collapsing.
South Parade Pier Ltd said it would continue repairing the structure, which has faced storm damage and neglect.
The consortium took control of the pier from previous owners SSP South Coast Ltd in early 2014, before the sale was completed, and started an emergency repair plan to save it.
Malcolm Belcher, spokesman for South Parade Pier Ltd, said: "Our intention is to return the pier to the people of Portsmouth.
"We remember the pier in its heyday and that's how we want it to become again.
"We want music, dancing, restaurants, bingo and amusements - plenty of fun entertainment that locals will enjoy and which will also attract tourists."
The pier's owners have also started a public consultation, asking for suggestions on what should appear on the pier, on its website.
The new owners of a derelict Victorian pier in Hampshire have said they aim to reopen the site this year and restore it to its "heyday".