Moving the 18th century yacht Peggy back to the Nautical Museum in Castletown is expected to cost more than £5 million.

Manx National Heritage chairman Jonathan Hall says a purpose-built facility is needed before the boat can be returned.

He said: ’The air conditions would have to be right, so it would have to be constructed appropriately.

’One of the reasons that the Peggy is unique is because we have the masts still - and the advice from the experts is that we must show her fully rigged - unfortunately that adds nine metres to your structure.’

He said Trustee reserves were less than £5 million, with most committed to other projects, and that MNH would have to go to government for funds whilst also looking at private donations or sponsorship. A motion went before Tynwald on Tuesday to set out a detailed timeline for returning the Peggy to the museum.