Somerset County Council are shelving plans to sell the West Somerset Railway.
Two proposals were submitted a week ago to buy the tourist attraction by local groups, but the neither will be taken forward.
Councillors say their priority is to ensure the continued operation of the popular attraction.
A young woman had a lucky escape today after her car plunged 25 feet from a bridge onto a railway line.
The car hit track owned by the West Somerset Railway at Norton Fitzwarren near Taunton and then bounced backwards into a ditch.
The driver escaped with a few scratches and managed to make her way back onto the main road as help arrived.
Interviews: Andy Berry, digger driver, and Paul Conibeare from West Somerset Railway
West Somerset Railway says today's crash is the third to have happened at the bridge in Norton Fitzwarren since June last year.
This is the first where the car actually landed on the track. The driver was not hurt and the Ford Fiesta has been removed.
A car has crashed through a hedge and dropped 25 feet on to the railway line at Norton Fitzwarren near Taunton.
The driver, a young woman, walked away from the accident with hardly a scratch. The Ford Fiesta has been removed from the track by a digger driver working on a nearby industrial estate.
The railway connects the main line at Taunton with the West Somerset steam railway and there has been no disruption to services.This is the third incident at this bridge since June last year.
We are getting reports that a car has come off a bridge onto the railway track at Norton Fitzwarren near Taunton.