THE owner of the Odeon Cinema chain has reached an agreement to sell its stake in the company.

German financial institution WestLB announced it had granted Iranian property magnate Robert Tchenguiz and Entertainment Cinemas the exclusive right to buy it out within an agreed timeframe.

But an Odeon spokeswoman said it was "business as usual" and stressed the deal was unlikely to affect the immediate future of its sites across the UK, including the Odeon Cinema, in Blossom Street, York.

More than 13,000 people have signed our campaign petition to save it from closure.

WestLB bought the Odeon chain from Cinven last March for more than £430 million on the back of cinema attendances reaching a 31-year peak, with 176 million visits in 2002 drawn by blockbusters such as Harry Potter and Lord Of The Rings.

But financiers claimed they had "massively overpaid" for the chain, bearing in mind Cinven bought it from leisure group Rank for £272 million.

It is not known when the WestLB deal will go through or how much it will get for its stake.

The German bank has also extended the maturity of a £290 million pound loan to Odeon, due to expire this month, to the end of December 2004.

Entertainment Cinemas is Britain's leading distribution company, owned by Nigel and Trevor Green.

The Odeon chain recently appointed a new chief executive, Ian Pluthero, as a replacement for Richard Segal, who left abruptly after seven years at the helm.

Meanwhile, petition forms continue to pour into the Evening Press newsroom from all walks of life.

Dozens of pupils from Clifton Without Junior School have signed up along with residents in Hemingbrough, who were approached by committed campaigner Jackie Davidson.

Richard Thomas, who lives in Riyadh, Saudi Arabia, has also signed our petition over the internet.

Updated: 10:59 Wednesday, March 10, 2004