@Sakin: How very wrong was I in posting this topic! I worked long hours on this project at http://ptrlive.info/umojafaync/. Should have taken a break before I posted.
I created a read more>> button within the featured content text box and that was the link I was trying to change by using the Link URL field.
As most readers of this support forum will know or will know now:
the link URL attaches to the featured content image not the text.
So, everything works perfectly fine. I modified my button.
Thanks for your quick reply. I hope this topic can be tagged resolved and will help other.