A deal to sell Captain John's has yet to close, though the Toronto Port Authority and the prospective buyer say they are still talking with one another.

The sale of the ship-turned-restaurant that sits at the base of Yonge Street was approved in a court-ordered auction last month.

North American Seafood Exchange Inc. had agreed to pay $33,501, plus the applicable HST.

But it has yet to deliver the balance of funds, beyond the deposit.

John Letnik seen in picture on board Captain John's Harbour Boat Restaurant

John Letnik ran the ship-turned-restaurant located at the base of Yonge Street for years. But the Captain John's Harbour Boat Restaurant's glory days are well behind it and the city turned off its water more than two years ago. (David Donnelly/CBC)

James Sbrolla said there are still some issues to be resolved, but he is hoping to close the transaction.

"The bottom line is, we're working with them," Sbrolla said in a brief telephone interview on Tuesday afternoon.

Toronto Port Authority spokeswoman Erin Mikaluk confirmed the organization is still working with North American Seafood Exchange Inc. as a potential buyer, but it is also able to explore other options.

However, Miklauk said the port authority is hoping to close the proposed deal.

Old cash register on Captain John's Harbour Boat Restaurant

Captain John's Harbour Boat Restaurant was a venue that once hosted parties, banquets and other special events. Visitors could also go for dinner or lunch on board the ship. (David Donnelly/CBC)

The sale was supposed to see the ship moved out of the harbour by Aug. 22. However, Sbrolla has been told the ship cannot have its hydro disconnected ahead of that deadline.

Mikaluk said the port authority could chose to extend that deadline, if necessary — though it hasn't changed it at this point.

Captain John's was a fixture on Toronto's waterfront for years. But the man behind the business, John Letnik, fell behind on some financial obligations and the city ended up shutting off his water two years ago.

That marked the end of an era.