Private investment firm OpCapita has bought the 333 branches of the Game and Gamestation shops that are still open.
The high street video game retailer went into administration last Monday, immediately closing 277 shops.
OpCapita has set up a company called Baker Acquisitions to manage the sale which is hoped will turn around the retailers fortunes.
Baker says it will supply Game with "the capital it needs to trade on a normalised basis" and that 3200 Game employees are being kept on.
Some head office staff who have already been made redundant could also be re-employed by the new owners.
Sold for £1
Reports indicate that Game was snapped up for a nominal fee of just £1, though when you add to that the chain's eye-watering £85 million debt it doesn't sound quite so cheap.
Commenting on the sale, OpCapita managing partner Henry Jackson said: "We are pleased to have reached agreement with the Administrator. We strongly believe there is a place on the high street for a video gaming specialist and GAME is the leading brand in a £2.8 billion market in the UK.
"We have assembled a strong team of experienced industry operators to implement the programme of operational change that is needed. There is a huge amount to do but we look forward to the challenge of restoring GAME's fortunes in partnership with its employees and suppliers."
We reported last week that Game was no longer offering refunds and exchanges or redeeming reward points and gift cards. We hope that this new deal will put that right.