THE Isle of Wight Council could buy a slice of Red Funnel — if Island Independents regain control of the authority.
As the Island Independents prepare for the council election, group leader Julia Baker-Smith, announced it is working toward being part of a bid for the company as "a top priority after May 4."
They want the council to pledge some of the £200 million it is borrowing for investment projects together with pension fund or infrastructure investors with who a community bid would be compatible.
The announcement comes a fortnight after the news that the ferry company is being sold by an investment arm of the Prudential insurance giant for a reported £250 million.
Cllr Baker-Smith said she and her team had a constructive meeting with Red Funnel chief executive Kevin George and director Murray Carter.
"We are currently speaking with a number of potential investors and Red Funnel directors to prepare to put forward a bid immediately after the forthcoming May elections," she said.
Cllr Baker-Smith said it made "perfect sense" for the Island of invest in important infrastructure, get a share of the profits for the Island and have a voice on the board to shape decisions in favour of the Island.
"It seems just the sort of opportunity we should be investing in — to keep the Island pound on the Isle of Wight and protect the future of our key transport connections, she said.
"Between now and May we will undertake the background work necessary so that if and when returned at the forthcoming elections our immediate priority will be to pursue the bid."
East Cowes ward member Cllr Luisa Hillard said: "Another advantage is that this could give us the ability to influence the regeneration activities in East Cowes and of the marine industrial quarter."