Pleasureland Ltd had pleaded guilty to breaching health and safety laws after the death in the Southport park in 2004.
On 25 August 2004, 59-year-old William John Birchall was lubricating the Skyride at the park, when he caught his shoulder in the moving machinery.
The company was also ordered to pay £50,000 costs.
Mr Birchill was working on the chairlift-style cab ride when the accident happened.
He could not tell his colleague who was at the controls just 200 metres away, because his radio was out of reach.
He was trapped for 45 minutes, about 30ft in the air, while firefighters used cutting and lifting equipment to free him.
Charles Cottle from the Health and Safety Executive said. "This was a terrible tragedy that could have been avoided had the correct procedures been in place."
"This case graphically illustrates that companies should ensure that safe working systems are in place for the safety of all their employees."
The park was closed in September 2006 when owners said it was no longer financially viable.
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