The Heritage Lottery Fund said the decision to sell Hastings Pier to Sheikh Abid Gulzar was the ‘best way’ to protect the popular landmark.
Mr Gulzar, from Eastbourne Pier, completed his purchase of the pier on Friday evening (June 15).
The decision was made by joint administrators Adam Stephens and Finbarr O’Connell, of Smith and Williamson LLP.
Following the decision, a spokesman for the Heritage Lottery Fund said: “We have been fully committed to a community-owned Hastings Pier – that is what we originally funded and we have done everything we can to help make it a success. Sadly Hastings Pier Charity wasn’t able to make the pier profitable and took the decision to enter administration.
“Thanks to a substantial investment of National Lottery Funding, Hastings now has a hugely popular, Stirling Prize-winning pier. The administrators advise that significant cash for working capital and investment purposes, amounting to over a million pounds, is now required to make the pier sustainable.
“Our priority – and that of the administrators – is to see the pier protected and continuing to make a significant contribution to the town’s community, prosperity and culture. We believe (Friday’s) decision by the administrator is the best way of achieving this.
“We applaud the local community and their tireless commitment to the pier. We hope that all parties can now work together to ensure the pier has a bright future.”