Pete Budd wants to set up a company to buy the Grand Turk and use it to re-enact the Battle Of Flamborough Head in Bridlington Bay every year.

He also wants the ship to sail between Bridlington and Whitby regularly and his plan is to issue shares at £1,000 each, in an attempt to buy the vessel, which is up for sale for £2.8m.

Mr Budd, a former Whitby town councillor, suggests councils, public bodies, companies, retired sea captains, clubs and residents could all be potential buyers.

From there he hopes the interested parties can form their own shipping company and trust enabling them to purchase the Grand Turk.

The ship is a popular tourist attraction and made Whitby harbour its permanant home in 2003, but it faces an uncertain future as it has been up for sale since the beginning of 2007.

There were rumours the ship was facing bankruptcy or would be bought by foreign buyers and it is currently in Rouen in France where it is taking part in a sea festival, before heading to Scarborough.

The ship attracts thousands of visitors to Whitby and is a boost to tourism and the local economy. Anyone interested should email pete.budd@virgin.net.