A £25m project to save the Cutty Sark could be at risk if potential sponsors do not sign up in time.

In January last year, the Heritage Lottery Fund awarded the Cutty Sark Trust an £11.75m grant towards its major restoration programme on condition it could match-fund the amount by September 22.

For the past year and a half, the Cutty Sark Trust bosses have tried to raise the necessary funds but £3m is still needed.

Trust chief executive Richard Doughty fears if potential partners do not commit to the project the ship could be at risk or the restoration work, due to start in October, delayed.

He said: "I've been linked with discussions with potential partners and with the summer break there has not been much headway.

"I've had difficulty in getting closure on a partnership agreement which will secure the funding we need to match the bid."

Since May, technical experts have been examining the detailed proposals to restore the 136-year-old ship, which will be dismantled plank by plank.

A new structural support will raise the ship up in its dry berth to allow visitors to walk underneath it.

Mr Doughty added: "The ship is a national and international treasure. No other city can boast of having a merchant ship sitting on its doorstep.

"It's a very exciting time for the trust and ship. I'm hugely optimistic. I've been saying from day one we are going to save the ship all the way."

Greenwich Society member Ray Smith said: "It would be a tragedy if the project didn't go ahead and a very severe blow to Greenwich as a tourist destination.

"It's an integral part of the World Heritage Site and our maritime history.

"It's a real emblem and icon."