Doncaster chef and businessman Michael Price has taken over the running of the stall in the fish market and the premises will re-open at the end of this month under the new name Clam and Cork.
The bar originally opened in a blaze of publicity in February - but stayed open for only a week after previous owner Luke Cannon was found guilty of sex offences involving children, forcing the stall's rapid closure.
Following the scandal, Doncaster Council announced it was looking for a new owner to take over its running and Mr Price, who won the tender, has pledged to make the restaurant a vibrant new attraction for Doncaster's Market Place.
He said: "When the story came out, like everyone, I was really upset. I'm passionate about Doncaster and we'd just got this great restaurant that I'd been along to and enjoyed and no sooner had it opened, it was forced to close.
"I thought that was a real kick to everyone in Doncaster because we deserve places like this. I'm determined to bring it back to life, but with a brand new look and some menu changes too."
Michael, 41, has been a chef for 15 years and runs an 'incredibly busy' and successful supper club restaurant from his home in Town Moor with demand for his dishes so popular that places at the table are limited and can be booked up months in advance.
He also works as consultant to chefs and restaurants around the world and admits that food is his passion, first donning his whites nearly two decades ago.
He said: "I used to sell vintage guitars and I'm a self-taught chef.
"I'd always had a passion for good food in restaurants and being around chefs so I decided to become one myself."
He said Clam and Cork will be totally different to previous incarnation Cannons and that he has taken on a new team of chefs to run the business which will be open Tuesday to Saturday.
He added: "I'd already been in talks with Doncaster Council about the markets before what happened. The plans for the Wool Market are very exciting and I thought this was an ideal opportunity to get involved."
Michael will be working in conjunction with Michael Berry, retailer of shellfish and long time market trader who will be supplying seafood to the new stall - and he also hopes to bring in guest chefs from time to time too.
He added: "We want to make it accessible and affordable. Seafood and shellfish can be expensive, but we want to move away from that. It's not fast food - its slow food, but good food."
Cannons, which was invested in by Doncaster Council to the tune of nearly Â£22,000, opened in the fish market in February - but following tenant Luke Cannon's conviction for sending explicit videos to pupils at a school he formerly worked at, the restaurant was closed and rapidly stripped out.
Following his appearance in court, Doncaster Council said they were 'not aware' of Cannon's offences when he was chosen to run the new stall.
The new restaurant, Clam and Cork, will be open from 11am to around 4-5pm Tuesdays to Saturday. An opening date is yet to be confirmed, but Michael hopes the restaurant will be open by the end of the month.