COUNCIL bosses are expected this evening to agree to sell York Theatre Royal for the grand sum of just £1. Yes, you read that right.

There will be those who are shocked. Surely a fine, 270-year-old building in the very heart of York must be worth more than that?

Well, of course it is. But the theatre isn’t being sold to just anyone. It is being passed to the York Conservation Trust – which has a record of preserving many of York’s finest historic buildings – for a token £1 payment so as to secure its future.

There are those – such as Colin Hall, writing on the letters page (right) today – who nevertheless believe the council should have sold the building on the open market so as to get the best value for money.

We understand their concerns. But value is not just about money.

The council is more concerned to safeguard the future of the building and of the fine regional theatre company it houses. That is an aim that has great value too.

The authority has owned the building, which is due to close for a major refurbishment in the next few months, for the best part of 300 years. But financial pressures have meant that in the past five years, only £60,000 has been spent on emergency repairs.

The building faces growing repair bills and cabinet papers show selling it to the conservation trust would relieve the council of being liable for those costs.Theatre Royal chief executive Liz Wilson has wholeheartedly backed the plans. So we think on this one the council has got it right.