diff --git a/src/economy.cpp b/src/economy.cpp
--- a/src/economy.cpp
+++ b/src/economy.cpp
@@ -398,6 +398,24 @@ void ChangeOwnershipOfCompanyItems(Owner
 		UpdateSignalsInBuffer();
 	}
 
+	/* convert owner of stations (including deleted ones, but excluding buoys) */
+	Station *st;
+	FOR_ALL_STATIONS(st) {
+		if (st->owner == old_owner) {
+			/* if a company goes bankrupt, set owner to OWNER_NONE so the sign doesn't disappear immediately
+			 * also, drawing station window would cause reading invalid company's colour */
+			st->owner = new_owner == INVALID_OWNER ? OWNER_NONE : new_owner;
+		}
+	}
+
+	/* do the same for waypoints (we need to do this here so deleted waypoints are converted too) */
+	Waypoint *wp;
+	FOR_ALL_WAYPOINTS(wp) {
+		if (wp->owner == old_owner) {
+			wp->owner = new_owner == INVALID_OWNER ? OWNER_NONE : new_owner;
+		}
+	}
+
 	/* In all cases clear replace engine rules.
 	 * Even if it was copied, it could interfere with new owner's rules */
 	RemoveAllEngineReplacementForCompany(GetCompany(old_owner));
diff --git a/src/saveload/afterload.cpp b/src/saveload/afterload.cpp
--- a/src/saveload/afterload.cpp
+++ b/src/saveload/afterload.cpp
@@ -1615,14 +1615,6 @@ bool AfterLoadGame()
 				}
 			}
 		}
-
-		/* Give owners to waypoints, based on rail tracks it is sitting on.
-		 * If none is available, specify OWNER_NONE */
-		Waypoint *wp;
-		FOR_ALL_WAYPOINTS(wp) {
-			Owner owner = (IsRailWaypointTile(wp->xy) ? GetTileOwner(wp->xy) : OWNER_NONE);
-			wp->owner = IsValidCompanyID(owner) ? owner : OWNER_NONE;
-		}
 	}
 
 	if (CheckSavegameVersion(102)) {
@@ -1722,6 +1714,26 @@ bool AfterLoadGame()
 		}
 	}
 
+	if (CheckSavegameVersion(114)) {
+		/* There could be (deleted) stations with invalid owner, set owner to OWNER NONE.
+		 * The conversion affects oil rigs and buoys too, but it doesn't matter as
+		 * they have st->owner == OWNER_NONE already. */
+		Station *st;
+		FOR_ALL_STATIONS(st) {
+			if (!IsValidCompanyID(st->owner)) st->owner = OWNER_NONE;
+		}
+
+		/* Give owners to waypoints, based on rail tracks it is sitting on.
+		 * If none is available, specify OWNER_NONE.
+		 * This code was in CheckSavegameVersion(101) in the past, but in some cases,
+		 * the owner of waypoints could be incorrect. */
+		Waypoint *wp;
+		FOR_ALL_WAYPOINTS(wp) {
+			Owner owner = IsTileType(wp->xy, MP_RAILWAY) ? GetTileOwner(wp->xy) : OWNER_NONE;
+			wp->owner = IsValidCompanyID(owner) ? owner : OWNER_NONE;
+		}
+	}
+
 	GamelogPrintDebug(1);
 
 	bool ret = InitializeWindowsAndCaches();
diff --git a/src/station_cmd.cpp b/src/station_cmd.cpp
--- a/src/station_cmd.cpp
+++ b/src/station_cmd.cpp
@@ -3120,10 +3120,8 @@ static void ChangeTileOwner_Station(Tile
 	if (!IsTileOwner(tile, old_owner)) return;
 
 	if (new_owner != INVALID_OWNER) {
-		Station *st = GetStationByTile(tile);
-
+		/* for buoys, owner of tile is owner of water, st->owner == OWNER_NONE */
 		SetTileOwner(tile, new_owner);
-		if (!IsBuoy(tile)) st->owner = new_owner; // do not set st->owner for buoys
 		InvalidateWindowClassesData(WC_STATION_LIST, 0);
 	} else {
 		if (IsDriveThroughStopTile(tile)) {