Four finalists have been chosen as potential owners of a historic warship in Philadelphia.
The USS Olympia, a one-of-a-kind steel cruiser from the Spanish-American War, needs up to $5 million in immediate repairs and up to $20 million more for restoration.
Six organizations submitted proposals to take over the Olympia from the Independence Seaport Museum. The four finalists announced Thursday are based in Beaufort, S.C.; Vallejo, Calif.; Washington, D.C., and Philadelphia.
They now must submit more detailed plans. The secretary of the Navy must approve the transfer of ownership, which would likely happen in 2013.
The seaport museum is looking for someone to take ownership of the National Historic Landmark because they can't afford the repairs. The Olympia is in danger of being scrapped if a new owner isn't found.