Laxey agreement that it should be kept in perpetual running order for the people of the Isle of Man. In 1965 the Isle of Man Government bought the wheel and the site. Restoration work began, and in 1989 it was put under the control of Manx National Heritage. Great Laxey Mine Railway re-opened with two small steam engines in September 2004 to carry passengers along the restored route. Laxey is the site of King Orry's Grave. The Laxey Woollen Mills were founded in 1881 by Egbert Rydings, supported by John Ruskin, and were originally water powered. The mills are known for
Laxey as 1,705. It is the fourth largest village on the island. Historically, Laxey was in the parish of Lonan within the sheading of Garff. Until 2016, Laxey was a village district with its own commissioners. From 1 May 2016, it merged with the parishes of Lonan and Maughold to form the new parish district of Garff, within which it is a ward. Laxey is also part of the Keys constituency of Garff, whose representation increased in 2016 from one to two members. Laxey Wheel, also known as Lady Isabella after the wife of The Hon. Charles Hope, then Lieutenant Governor