FORMER owners of a Southampton tug that took part in the D-Day landings say "every effort" has been made to save the ship.
An ambitious project to restore the 93-year-old Calshot could be sunk by escalating costs and the sheer scale of the work required.
Last year the Tug Tender Calshot Trust sold the vessel to Woodshack Ltd for just £1 and saw her towed from Southampton docks to James Wharf.
In a statement the Trust said: "Despite much effort on the part of a dedicated volunteer team we had to be realistic - Calshot could no longer be supported by the Trust.
"The offer from James Wharf to purchase the vessel for £1 was considered the only way ahead.
READ MORE: Plan to restore Tug Tender Calshot hit by escalating costs
"The offer included a programme of restoration works which would have seen the vessel returned to her original condition.
"We are well aware of the efforts put into activating this programme but we are not in the least bit surprised that, on exposing the vessel for survey and estimates, the condition of her parts has been found to be far worse than initially expected.
"The financial requirement needed to continue with the programme is beyond sensible consideration.
"It will be a very sad decision to have to make, if the vessel is to be de-constructed. This will be undertaken in a sympathetic manner and many of her historically important parts have been and will continue to be saved.
"These parts will be offered to the City of Southampton, to be displayed where they can be seen by the general public.
"Every effort has been made to retain the TT Calshot but a virtual rebuild would be an impossible financial burden for her new owners to contemplate."
Hannah Cunliffe, director of National Historic Ships UK, added: "I was extremely sorry to learn that Calshot is due to be dismantled.
"She is a significant vessel which, for many years before Woodshack took her on, had struggled to attract major funding for much-needed conservation work.
"We had hoped to see her repurposed for a new life as a private yacht, but the economic climate, coupled with her condition, has rendered this outcome financially unviable, which is a huge disappointment to all involved."
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