Nottingham City Council has identified £100m of assets for sale as part of a plan to bring its finances under control.
The recovery and improvement plan, ordered by the Government following a rapid review last year, also proposed closing up to three companies, a complete rewriting of the council's constitution, a management restructure and efficiency savings.
Nottingham's plan will be overseen by an external improvement and assurance board chaired by Sir Tony Redmond, with members appointed by the Government, including council leader Cllr David Mellen.
Council chief executive Mel Barrett said: 'We recognise the seriousness of the financial, governance and operational challenges we face, and it is going to take a significant collective effort from all at the council to address them and reach a sustainable position.’
A pipeline of around £100m of council-owned land and properties has already been identified that ‘can be disposed of with little revenue consequence,’ which could be used to ease budget pressures, pay down existing debt and fund a transformation programme.
The council has also warned 272 full-time jobs - 80 of which are vacancies - could be cut to help it deliver a balanced the budget for 2021/22.