Louisville's Kentucky Kingdom theme park, US, closed since 2009, may reopen in 2014, with a new lease approved for the site.

The investors, Kentucky Kingdom LLP, must now secure private loans of US$25m (18.58m euro, £15.82m) towards the US$45m (33.44m euro, £28.48m) project, before the park can open, following its lease agreement with the Kentucky State Fair Board.

The 50-year lease will cost US$475,000 (352,926m, £300,592) for the first year, increasing to US$50,000 (37,150 euro, £31,641) a year for the first 15 years of the agreement.

The investors are required to spend US$13m (9.66m euro, £8.23m) in 2013 and 2014 to get the park open, and must spend another US$7m (5.20m euro, £4.43m) on the park through to the 2016 season.

State governor Steve Beshear said the reopened theme park would be a "shot in the arm" for local tourism and would provide hundreds of jobs and much needed income for the Fair Board.

Kentucky Kingdom, which had more than 40 rides, was opened in 1987, and sold to Six Flags in 1998.

It closed when Six Flags and the Kentucky State Fair Board failed to reach an agreement on the renewal of the lease.