Crossword Genius

In public ownership, say (5)

Ross

I believe the answer is:

state

I'm a little stuck... Click here to teach me more about this clue!

This clue might be a double definition.

'in public' is the first definition.
'state' can be an answer for 'public' (similar in meaning). I am not sure about the 'in' bit.

'ownership say' is the second definition.
(I know that ownership is a type of state)

Can you help me to learn more?

(Other definitions for state that I've seen before include "Public" , "Georgia < or Virginia" , "Declare: condition" , "Declare; affirm" , "Speak" .)

I've seen this clue in the Evening Standard.
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