The Captain John’s Restaurant will remain in its slip at the foot of Yonge Street for at least another week.

The winning bidder of the run-down, 300-foot vessel said Friday that while he missed the Aug. 22 deadline to remove the ship, he has come up with a plan and new partners.

James Sbrolla said he will work with Toronto Brigantine Inc., the non-profit group that operates youth leadership programs on the Tall Ships, to remove and preserve some elements of the ship, called the Jadran.

After that, the boat will go to Priestly Demolition, Sbrolla said.

“I believe we can do what’s right and what’s best in terms of saving what can be saved from the ship and then ultimately scrapping the rest of it,” the Toronto entrepreneur said in an interview.

“There will be a small profit and I think we will have done some good.”

Sbrolla said he hopes the ship can be removed Aug. 29.

The plan still needs approval from a federal court, said Toronto Port Authority spokesperson Erin Mikaluk. “We don’t have a court date yet. We will be working to set that up.”

Sbrolla missed an Aug. 7 deadline to make a final payment of $30,000 for the ship, but paid the balance in full on Friday.

He said that he missed the Aug. 22 deadline for the ship’s removal largely because of the difficulty involved in disconnecting the transformer that powers the ship.

The ship, which once boasted two kitchens and banquet facilities for 500, has since been largely gutted.

Sbrolla said he has struck a plan with Toronto Hydro to have the work done as soon as possible.

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Gregg Colp of Toronto Brigantine said in an interview that the group is particularly interested in the teak floors of the Captain John’s boat, as well as other historical pieces.

The Toronto Port Authority said it has kept in touch with other interested parties since Sbrolla missed the Aug. 7 payment deadline.

John Scales is part of a group of Boston-based investors who watched the Friday deadline pass.

Scales said in an interview that his group is talking to the port authority and may submit an alternative offer for the Jadran. “We have another solution and perhaps it will fly,” he said.