Greenwich will lose one of its most famous attractions, unless funds can be raised to save it from being sold abroad.

At least £8m is needed to conserve the Cutty Sark, the 134-year-old tea clipper, which has sat in a dry dock in the area since 1951. Its owners, the Cutty Sark Trust, is launching a last ditch attempt to save the ship, with an application to the Heritage Lottery Fund (HLF). 'We're putting all our effort and resources into this bid. If it fails we will be forced to consider any expressions of interest we receive,' said chief executive of the trust, Richard Doughty.

Doughty says the money is needed develop a sustainable business around the ship, which currently only attracts 145,000 of the estimated three million annual visitors to Greenwich - most people have their photo taken outside the ship without paying to enter. Doughty aims to tackle the problem by extending the pay perimeter of the site and adding a new visitor centre to tell the story of social history around the vessel. The trust also plans to extend its catering facilities in order to expand the corporate hospitality and events arm of the business.

But time is running out for the UNESCO World Heritage Site which is classed as a Grade I-listed building, and only three years away from being condemned as unsafe warns Doughty: 'There's a sense of urgency about this now. The corrosion is up to three or four inches thick and we don't know what's keeping the ship together in some places. Parts of it could spring apart in time and collapse like a house of cards.'

The trust will submit its bid to the HLF in December 2003. Details: +44 (0)20 8858 2698