Today, Canterbury University's Vice Chancellor Dr Rod Carr announced a donation from alumnus Professor David Teece, his wife Leigh Teece and their family would see the telescope's restoration after four years of inaction.
The size of the donation was being kept confidential.
Professor Teece, today a noted economist based at the University of California at Berkeley, had studied at the old university town site and received an honorary doctorate from Canterbury University in 2007.
In recognition of the donation, the telescope would be renamed the Townsend Teece Telescope.
"We like the fact that on Friday nights, and perhaps Saturdays too, it will bring young kids to the old gothic tower to view the heavens," Professor Teece said.
Dr Carr said the university was "thrilled and grateful" for the support from the Teeces.
"We hope to continue this close relationship and look forward to seeing the telescope restored to its rightful place in the University's historic base in the central city."