The Independence Seaport Museum at Penn's Landing had been looking for a new home for the USS Olympia for four years.
The rusting 344-foot-long warship needs repairs costing millions of dollars, money the museum doesn't have. It hasn't been dry-docked since 1945.
The search for a new owner yielded proposals from California and South Carolina. But museum president John Brady said Wednesday a review panel determined neither group had viable long-term plans in place.
Brady says the museum will promote tours and new activities on the Olympia while a $20 million national fundraising campaign gets underway.