Article content continued

The lot is owned by the port authority and has been licensed to Ivan “John” Letnik (or “Captain John”) since 1975.

“We are still working with North American Seafood Exchange as one potential buyer of the Jadran, however the missed closing deadline now means that other options are also being considered,” the port authority said in a statement.

Mr. Sbrolla says unforeseen issues with the vessel have complicated the sale, one of which is a hydro transformer on the ship. He says he is working diligently with authorities on the logistics of removing it.

“That has been one of the big hurdles,” he said. “It’s complicated…It’s not a simple exercise to just turn it off. It has to be planned well in advance. The transformer, whether it stays on the ship or whether it’s decommissioned and comes off the ship, I presume it has value.”

Mr. Sbrolla says he intends to issue the final payment once all issues are resolved, but that he’s “not planning to run” from the deal.

“I hope that the port authority has the same attitude,” he said.

The port authority says it can extend the Aug. 22 deadline to remove the ship if it deems necessary. But as other offers float around to save Captain John’s and revive the vessel’s famous restaurant, the port authority is adamant it will only consider bids that involve removing it entirely.

The eatery closed in 2012 when the city cut off its water supply after Mr. Letnik accumulated over $740,000 in unpaid municipal taxes and utility fees.

Mr. Sbrolla said if his deal goes through, he would look to salvage whatever parts of the boat possible, but that much of it would have to be scrapped. Still, he is optimistic about the iconic ship’s fate.

“I got involved with the hope of either saving the ship, or if it’s going to be scrapped, to do what’s right and what’s in the best interest,” said Mr. Sbrolla. “If there was an offer to save the ship and it gets sold to someone else who turns it back into a restaurant, I’d be delighted.”

National Post