The Ministry of Defence (MoD) is to transfer ownership of HMS Victory to a new charitable trust established as part of the National Museum of the Royal Navy, Portsmouth.

HMS Victory Preservation Trust will now be responsible for maintaining Admiral Nelson's iconic flagship and has been awarded £50m in order to support its work going forward.

A £25m capital grant has been confirmed by the Gosling Foundation, which will be matched with a further £25m from the MoD to help safeguard the long-term future of the vessel.

HMS Victory was launched in 1765 and remains a commissioned ship of the Royal Navy. It is currently undergoing its "most extensive restoration" for two centuries.

Museum chair Admiral Sir Jonathon Band said: "The National Museum of the Royal Navy is the Navy board's adviser on naval heritage and we are the ideal charity to oversee the trust.

"The museum's mission is both to educate and enhance the experience of the many millions of visitors to HMS Victory by displaying many of the artefacts relating to the ship and the Battle of Trafalgar."

Details: www.historicdockyard.co.uk

Image: Second Sea Lord, Vice Admiral Charles Montgomery (left) with Admiral Sir Jonathon Band - crown copyright (Phot) Kaz Williams