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.
More top news
A timeline of exactly what happened.
Nottinghamshire County Councillors have approved for exploratory shale gas drilling to take place across the region.
A Midlands MP is calling for a permanent memorial for the police officer who was killed in the terror attack in Westminster today.