Manchester City put up for sale

Already facing an uncertain Christmas four points off the bottom of the First Division, the staff and followers of Manchester City must have reacted with a familiar weariness at the news that the club is up for sale.

This is unofficial - the intrigue at Maine Road always is - as is the £30 million price tag, but the reality behind the fractious fiction is that certain individuals on the City board are waiting for an acceptable offer while others are keen to maximise their investment.

Adding to the intrigue are Salford Rugby League club and Sale Rugby Union club. Both have held talks with City with a view to inheriting Maine Road should City depart for a new stadium intended for the 2002 Commonwealth Games.

There is even a possibility that one of Rupert Murdoch's organisations would merge Salford and Sale and buy Maine Road for them to play in. The Super League hierarchy has always been keen on having an important club based in Manchester.

Those said to be prepared to sell include the chairman Francis Lee and significant shareholder, Stephen Boler. Lee, who won an acrimonious battle for control of the club with Peter Swales three years ago, is in the relatively weak position of holding around 13 per cent of the club's shares and has only been able to watch recently as other major shareholders have flexed their muscles, bringing Dennis Tueart on to the board of directors last week.

Currently on holiday in Barbados, Lee is said to have finally had enough of the day to day hassle of running City - without the power a majority shareholding automatically confers - while Boler has let it be known that he is ready to listen to offers regarding his approximate 25 per cent share of the club. Boler, one of Britain's 100 richest men, today spends most of his time in South Africa.

Mike McDonald, owner of Sheffield United but a lifelong City supporter, has long been mentioned as a possible buyer of the Maine Road club. He would have difficulty, however, in quickly disposing of his Sheffield United shares, a legal requirement should he try to buy into City.

A merchant bank from the City of London is understood to have examined City's financial state last week and he came away with a valuation of between £30-35 million. This would mean that Lee and Boler would collect around £4 million and £8 million respectively, figures which might persuade them to try and hang on to their shares as long as possible, still waiting for the long overdue upturn in City's fortunes.

Lee's position as chairman though, is vulnerable, as he could be out-voted at an emergency general meeting called at any given time.

However, were a renaissance to occur and City regained their Premiership status, the club's valuation - and Lee and Boler's share of it - would rise considerably. If, for example, the present negotiations with Manchester City Council and the Sports Council resulted in the club moving into a 52,000capacity stadium built for the 2002 Commonwealth Games in a couple of seasons - and City were in the Premiership - the club's value would soar. Newcastle, after all, with a ground capacity of 38,000 were floated at £180 million.

Potentially, City are as big as Newcastle or, for instance, Leeds although "potentially" is the key word when City are referred to.

Coventry have smashed their transfer record to recruit Romanian international Viorel Moldovan from Swiss club Grasshoppers for £3.25 million.The 25-year-old striker has signed a four-and-a-half year contract believed to be worth around £2million.City clinched the deal after Moldovan impressed manager Gordon Strachan, who watched him play three times for his country.