Nearly 300 people have signed up to a Number 10 website petition urging the government to hold on to Nelson's flagship.

As first revealed in The News last Friday, Victory is subject to a Ministry of Defence funding review. This could see it being taken away from navy control and into the hands of a private firm or charity.

Petition creator and Portsmouth city councillor Alistair Thompson said it showed the depth of support for the ship.

He said: 'We wanted to petition the prime minister because Victory is Nelson's flagship and a proud emblem of the nation's maritime history. You speak to anyone in Portsmouth about Victory and their face lights up, she's a ship that gets everyone talking.

'The MoD and the government in general has to realise the people will not stand for Victory being given away, she has to stay with the navy.'

The MoD says with pressure on its budget it has to review spending £1.5m a year maintaining Victory.

But Penny Mordaunt, who jointly set up the petition and is a Conservative candidate for Portsmouth North at the next election, said: 'The navy needs to look at the waste in its budget and tighten other areas that are not as prestigious as maintaining a ship like Victory.

'If the baseline spend is £1.5m that's a tiny proportion of the MoD budget and therefore something that can be managed better.'

Meanwhile, the Second Sea Lord has insisted the review of Victory's funding does not condemn her.

Vice Admiral Alan Massey said: 'We're extremely proud of HMS Victory. This unique warship is at the heart of the Royal Navy and there has never been any suggestion of giving her away or decommissioning the ship.'

A decision over her future will be made some time next year.