The Boat School will be ending its operations under Maine's Husson University after the university has met all of its obligations to current students after the 2011-12 school year.
The school could continue to operate under another accredited institution, working either through the yacht manufacturer David Marlow, who is proposing to purchase the property, or the non-profit Friends of The Boat School, which owns the legal rights to the name, the Quoddy Tides newspaper reported.
"Husson University is proud of the progress that has been made to preserve employment and educational opportunities within the city of Eastport by rebuilding and sustaining The Boat School over these past three years," Husson president Robert Clark said in a statement.
Clark told the newspaper that until the city of Eastport and Marlow Yachts reach a purchase and sale agreement, Husson cannot make a commitment about whether it will finish the final year for its students at the Eastport location.
Marlow has offered a purchase proposal to Eastport for the land and buildings where The Boat School is operated to start a boat repair facility with an educational component, among other plans.
"In a review of the program and the future opportunities it became clear that without further significant investment The Boat School would not be able to sustain its excellent instructional program and would not be independently viable," Clark told the newspaper. "In addition, the city of Eastport has made it clear that it can no longer bear the costs of facility operations and that we would need to assume those additional operational costs."