The Ministry of Defence said the 18th century warship was expensive to maintain and that her funding was currently under review.

This could see her passed to a private firm or given to a charity to save cash. The MoD says increasing budgetary pressures mean it must review Victory's future like any other ship.

But a former Commanding Officer of Victory and ex-First Sea Lord said handing over the oldest commissioned warship in the world to a private company would make a mockery of Portsmouth's naval heritage.

Lt Cmdr Michael Cheshire, now retired, was Commanding Officer of Victory from 1992 to 1998 and was awarded an MBE for his services to the Royal Navy.

He said: 'If they sell her or give her away to charity it will be an absolute tragedy.

'This magnificent ship means so much to both naval people and the whole nation – selling it to a private firm would turn it into Disneyland and would be its ruin.

'I think Portsmouth would suffer as a city.

'HMS Victory is the core of the naval base, the core of Portsmouth, and to sell off this icon would indicate the decline of the Royal Navy.'


HMS Victory costs a minimum of £1.5m to maintain and run each year, but that figure can go up when major work is needed.

Up to half a million people visit her at Portsmouth Historic Dockyard annually, with entrance fees divided up and shared between all the major attractions.

The MoD said it was considering whether to hand Victory over to a private company, a charitable trust similar to the one that looks after the Mary Rose, another government department or keep the status quo.

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A Ministry of Defence spokeswoman said the department was committed to keeping Victory in the best possible condition, adding that sticking with the current set-up was one of the options.

She also said that whatever happened, Victory would remain a commissioned warship.

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