Birmingham City Council has announced it is selling off the NEC group. The council, which is facing a £1.1 billion bill for equal pay settlements, says it wants to ensure its existing uses are preserved.
The venue is one of the biggest exhibition centres in Europe and also houses the 16 thousand seat LG Arena which hosts concerts and conventions.
Watch Callum Watkinson's report on the council's decision to put one of the city's best-loved assets up for sale.
Calling today's announcement "historic", Council leader Sir Albert Bore said the sale was necessary for the venue and events company to grow.
"The NEC Group has reached a point in its evolution where it needs to be able to adopt the financial disciplines of a private, rather than council-owned company," he said.
Birmingham City Council is putting the NEC Group up for sale. The group includes the National Exhibition Centre, the International Convention Centre, the National Indoor Arena and the LG Arena.
It is claimed the group brings in four million visitors and £2 billion to the region every year, and supports 30,000 jobs.
One of the UK's largest cycling events, The Cycle Show, takes place this weekend at the NEC in Birmingham.
The event will showcase hundreds of bike.
More than 460 exhibitors will be at the NEC Livestock Event today, showcasing the latest developments in technology for the dairy farming industry. Products which will be on display include:
- Robotic milking machines
- Computerised calf feeders
- Milk pregnancy test kits
- Computerised neck collars to detect cow fertility
- A mini robotic forage sweeper
- Hi-tech milk storage tanks that the farmer controls by text
- The latest in hi-tech formulated diets for cows
The UK's biggest livestock event will take place at the NEC today, attracting thousands of farmers from across the country.
Farmers will discuss the region's influence on the livestock sector and meet with industry retailers and suppliers.
One of the UK's largest competitive dairy shows will take place, with 180 cows taking place, including six different breeds.
Around 16,000 farmers are expected to arrive at the NEC today, when the Royal Association of British Dairy Farmers stages its biggest dairy show yet.
Some of the latest industry innovations will be at the show, including robotic milking machines, milk pregnancy test kits, computerised neck collars to detect cows' fertility and 'text messaging' feeding machines.
The Birmingham NEC played host to an event which showed off current and future solutions to traffic jams, parking problems and switched off street lights.
The event comes with the Government looking into ways to reduce street clutter such as excessive signs or lights in Britain's towns and villages.
75,000 people are expected to attend this year's Gadget Show Live event, which begins today. The five day event is being held at the NEC in Birmingham.
Andy Bevan has been to have a look at some of the gadgets on show.
The Gadget Show has opened at the NEC in Birmingham.
More than 75,000 people are expected to attend over the next five days to test out the latest gadgets from more than 200 companies exhibiting at the show.
The presenter of Channel 5's 'The Gadget Show', Jason Bradbury, says every year there are some amazing creations.
The Gadget Show Live runs until Sunday.