The Royal Navy has handed over custodianship of the historic HMS Victory to a newly-established charitable trust. The HMS Victory Preservation Trust, part of the National Museum of the Royal Navy, assumed responsibility for the iconic warship, which served Admiral Nelson at the Battle of Trafalgar, on 1 April.
The transfer includes the cradle on which the ship rests in Portsmouth Historic Dockyard, along with access rights and leases to all of the facilities in the dockyard which help maintain the ship as a heritage attraction.
The move immediately attracted £50 million of investment, with the MoD providing a £25 million capital grant to match a donation from the Gosling Foundation. As part of the transfer agreement, HMS Victory will remain as a commissioned warship with a Royal Navy crew. Currently the Flagship of the Second Sea Lord, she will also become the Flagship of the First Sea Lord.