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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It will be dry this evening and tonight with clear spells and light winds.
Dry with clear spells and light winds overnight, so becoming chilly once again with a rural grass frost possible.
An illegal immigrant has been arrested after he managed to hitch a 200-mile ride to the UK, clinging to the underside of a school coach.