The bonfire and fireworks display, which annually attracts between 3,000 and 4,000 people, had been set to take place at Brogyntyn Park.
It was cancelled last week by town councillors because of safety fears due to limited site entrance and exit at the park.
Town clerk Arren Roberts said in a statement that "it was a difficulty that could not be overcome".
On hearing the news Matt Lee, director of Manic Events, which also runs The Venue at The New Saints' (TNS) home at Park Hall Stadium in Oswestry, decided to step in to save the day.
After talks with Oswestry Borderland Rotary and New Saints Football Club the bonfire and fireworks display will go ahead as planned but at the new location on Saturday, November 5.
Matt said: "I have lots of memories of taking my own two children to the bonfire and fireworks display at Brogyntyn Park and feel it is important for local children and families not to miss out on this event.
"After hearing of the cancellation I started the process of speaking to different partners involved and we were able to come up with the idea of holding the event at Park Hall which has multiple entrances and exits for the field.
"I think this is the perfect solution and Oswestry Showground is allowing us use for car parking.
"Shropshire Council have arranged for the closure of Burma Road so that we can hold the display safely at the new location.
"We can easily cater for the thousands of people expected to attend with the move from the town centre to the Whittington site and will be using a company called Festival Fireworks, from Cefn Mawr.
"There will be live music from local entertainers from 4.30pm and the lighting of the bonfire will take place at 7.30pm followed by the fireworks display.
"The cost of admission for adults is £5 and £2 for children but for those attending the New Saints game against Cardiff Metropolitan earlier on the day there will be free admission."