Levelling up secretary Michael Gove has called in officials to take over the running of the city after the Labour-led local authority effectively declared itself insolvent nearly two weeks ago.
City Council went bust earlier this month - and calls have been made for the city to consider selling off some major assets in order to balance the books.has called in officials to take over the running of the city after the Labour-led local authority issued a section 114 notice - effectively declaring itself insolvent - nearly two weeks ago.
The authority is set to put together a financial recovery plan on September 25 and ask the government for 'exceptional financial support' - most likely allowing them to borrow money to service debts or selling assets. Mr Street wrote: 'The idea of Birmingham City Council selling its cultural assets to help its finances seems a red herring - & something I’d be totally against.
Birmingham Airport, which first opened in 1984, is owned by the West Midlands' seven district councils, including Birmingham City. The building could be sold to another owner in a 'leaseback' deal, which would see the building purchased by a private firm and then rented back to the council.
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