The Princess Anne hovercraft looks set to be saved from being destroyed after it was confirmed that the Hovercraft Museum Trust will take on the lease.

The trustees of the museum have been campaigning to save the historic vessel, which is based at Lee-on-the-Solent, Hampshire.

They started a petition, which gained more than 21,000 signatures.

Now the Homes and Communities Agency (HCA), which owns the land that houses the Princess Anne and its sister hovercraft the Princess Margaret, says it is in the process of agreeing the lease.

Ben Avery, trustee of the Hovercraft Museum Trust, said: “It’s excellent. This is what we have been trying to achieve.

“We are still waiting to sign a lease. Once we sign that we will have more information on what it means.

“We are going to remain cautious until we have actually signed something.”

Mr Avery said the plan was for a three-year lease while the museum carried out the necessary surveys and refurbishment.

Then it is hoped ownership of the hovercraft will be transferred to the museum and it will be opened up to the public again.

He added: “If we are successful in our bid, we will launch a GoFundMe page.

“We’ll be relying on a lot of volunteers to help us get the craft ready to be open to the public.”

The trustees have been overwhelmed by the amount of support from the public and press.

Mr Avery said it showed that people felt it was a part of their history and something that should not be thrown away.

A spokesman for the HCA said: “The HCA is in the process of agreeing a lease for the Princess Anne hovercraft with the Hovercraft Museum.

“At the same time as agreeing the lease, the agency undertook a condition survey on the Princess Anne.

“Following on from the survey, the HCA, as a prudent and conscientious landowner, is procuring the works highlighted prior to leasing the land to the museum.

“Once we have completed the lease on the Princess Anne with the Hovercraft Museum, the HCA will consider options for the Princess Margaret hovercraft.”

Plans for Princess Margaret, which is in a much worse condition than its sister craft, have not been finalised and will not involve the museum.