The venue opened for one production while in administration
The Derby Theatre - formerly the Playhouse - is reopening after it was taken over by the university.
The venue went into administration in 2007 and then failed to attract new backing despite a management change.
In April, the University of Derby signed a 99-year lease on the building and will use it for some courses.
But commercial productions will be handled by Derby Live, part of the city council, with the first show an amateur production of the Gondoliers.
Rows over management and financial problems led to the venue to go into administration.
Pete Meakin, from Derby Live, believed things were back on track: "We have to go forward. The past has happened, it is water under the bridge, it has not been a great time for the past couple of years.
"But the future is brighter, it is Derby Live and it is the university as well."
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Derby Theatre - formerly the Playhouse - was taken over by the University of Derby
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