RYDE Harbour could be sold or rented out and Ventnor Haven run by a third party under the latest Isle of Wight Council proposals.

The authority claims both harbours will require investment of around £1.2 million, and will lose £515,000 over the next ten years.

The decision will be made under delegated powers, meaning it will not be debated by the council.

Ryde Harbour could be sold, with a clause the site may only be used as a harbour and marina.

However, Ventnor could come under new management.

Currently, the council pays £75,120 annually to Cheetah Marine to remove algae from the harbour — a cost the council says is not sustainable.

The authority also owns the Ventnor Haven freehold and has granted a 125 year lease to Ventnor Haven Fishery, owned by the Blake family, for part of the harbour.

The council report said transferring the haven to a third party would result in a ‘significant saving’ to the council.

Last year, the Ventnor harbour accrued a net loss of £136,000.

However, Ed Blake said the loss did not take into account money raised from leasing, or business rates, or the amount of jobs and business Ventnor Haven Fishery and Cheetah Marine brought into Ventnor.

He said: “The figure is an accountant’s figure. They have also included a depreciation value, but rocks don’t depreciate.

“The harbour cost £1.2 million to build and those rocks are still worth £1.2 million.”

He said bringing in an external management company would not save the council money.

“Ventnor would not exist without the harbour, and if they want to put a knife into the heart of Ventnor, it’s not worth it for the amount they say they’ll save.”

The final agreed terms on the future of both harbours will subject to a further delegated decision.