The guardians of King Henry VIII's flagship, the Mary Rose - raised 25 years ago this week - have been commended by the Prince of Wales.
More than 60 million people worldwide watched the hull of the ship being brought to the surface in 1982 after 437 years submerged in the Solent.
The wreck, housed at Portsmouth's Historic Dockyard, has since attracted more than seven million visitors.
But the restoration team said money is now needed to save the ship.
"I remember being there on the day, watching spellbound - and anxious - as this historic ship returned to the surface"
Last year, the trust's £13.5m Heritage Lottery Fund (HLF) bid for a major upgrade of the museum failed.
However, a new bid of £21m towards the £35m needed for a new museum, also covering conservation costs, is currently before the HLF trustees, with a decision due next January.
Admiral John Lippiett, chief executive of the trust, said it is the last resort and unless funding can be found, the ship may be lost forever.
"If the answer is 'no' to the final phase, which is the drying out phase, then the trustees will have to sit down and actually consider what to do with the ship."
The prince, who dived at the wreck site in the 1970s and is president of the Mary Rose Trust, is backing its latest bid.
'The English Pompeii'
He said: "I am so sorry that I cannot be there in person to celebrate the occasion with the volunteer diving team.
"However, I do send my warmest best wishes and congratulations to the original dive teams and to past and current volunteers, staff and other friends of the trust at all levels.
"I remember being there on the day, watching spellbound - and anxious - as this historic ship returned to the surface and I know that millions more watched it on live television worldwide."
The Mary Rose, which sank on 19 July, 1545 is the only 16th Century warship in the world to be recovered and on display.
The raising of the Tudor Vessel was the culmination of an 11-year recovery project following the wreck's rediscovery in 1971 by a team led by Alexander McKee.
It is estimated to have generated more than £60m for the city's economy since 1982.
Admiral Lippiett said: "We must ensure the Mary Rose is retained for the nation and is fully accessible for the enjoyment and enlightenment of millions more in the future."
Tudor historian and television presenter, Dr David Starkey, said: "The Mary Rose is the English Pompeii, preserved by water not fire.
"All Tudor life is there; it is like stepping inside a Holbein painting."
The trust is celebrating the 25th anniversary with a boat trip during which a group of local archers will fire over the wreck site.
A three-day lecture programme, featuring Dr Starkey and long bow expert Dr Robert Hardy, will also be attended by almost 600 divers who helped to discover and excavate the wreck site.
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