The S.S. Keewatin is in need of an ownership life-line after the Huronia Museum declined to accept the artifact into its collection.

On Thursday, museum officials announced they wouldn’t accept Skyline Investments’ offer to take in the Keewatin.

“The heritage value and the story it tells is without question important to us and a part of our mandate, but can we responsibly accept that artifact into our collection? At this time, with the information we have, no we cannot and that's the unfortunate part,” says Nahanni Born, a spokesperson for the museum.

Born says operating costs and upkeep of the 109-year-old vessel are more than they can handle.

Skyline bought the Keewatin from a Michigan business man in 2011. The plan was to make it the center piece of a billion dollar development in Port McNicoll.

In return for the ship, Skyline requested a charitable receipt of $32 million. The ship and its items were appraised at that value.

“Since the ship returned it's been an intricate part of the tourism activities in the heart of Georgian Bay,” says Tay Township Mayor Scott Warnock. “It really has to be here. We hope that it continues to thrive and grow and remains in our municipality.”

CTV News reached out to Skyline, but they refused to comment.

The S.S. Keewatin remains open for business, but for how long? Only its owner knows for sure.