The cost of conserving the Cutty Sark has soared to £40million, the Evening Standard can reveal today.
The re-opening of the tea clipper to visitors has also been delayed until the summer of next year at the earliest.
The setback is a result of severe corrosion to the ship's iron hull which has been revealed during conservation work. Competition with the 2012 Olympics for the best workers and contractors is also adding to costs, prompting fears of a funding shortfall.
The Standard was given exclusive access to the ship this week to witness progress on its transformation once again into a major tourist attraction.
The iron hull, stripped of wooden planks, has not been seen since it was built in Scotland in 1869.
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