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.
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Rain slowly clearing to sunshine and showers on Sunday.
Outbreaks of rain will move southwards turning clearer and colder.
Heavy showers with a chance of thunder but clearing this evening with clear spells overnight.