The Melbourne Star observation wheel has been bought by the Japanese group that designed and built the troubled project.

The wheel was built by the Sanoyas Group between 2006 and 2008. It was expected to attract 1.5 million visitors a year but was closed in January 2009 after only 40 days of operation because of structural defects, including buckling and cracks.

Structural defects to the original wheel meant Sanoyas had to rebuild it. Credit:Michael Clayton-Jones

The defects were so extensive that it was decided to rebuild the wheel.

The new wheel was scheduled to open at the end of 2011, but the rebuilding – again by Sanoyas – has suffered from extensive delays.