For some years the Club had been in financial difficulty and in the late 1980s SMYC applied to its membership for debentures. Some 350 members paid up but this did not halt the financial decline and in 1991 the club invited its debenture holders to surrender their debentures in favour of Lifetime Membership; some 300 members did so but this did not prevent the club from becoming insolvent and in 1993 the Club went into receivership. This resulted in the sale of the prestigious premises in Ship Street, Brighton and the closure of the Club. Unfortunately, many of the club’s trophies, not just boating trophies but ones for other activities such as golf and tennis, other fixtures, fittings including furniture and items comprising all the monogrammed plate, crockery and cutlery and other memorabilia particularly a framed letter from Rudyard Kipling, were ‘liberated’ by members and have never been returned to the Club. What little remained, was rescued by Brighton Marina Yacht Club including the Venture Cup and the Britannia Trophy.