CHESTER CITY were last night put up for sale for the bargain basement price of just £1 – but the successful purchaser would have to pay off all the club’s debts.

City have been suffering financial problems for the past couple of years, which culminated in the club entering administration last summer. A new company Chester City (2004) Limited was activated, but now that operation has found itself in fiscal hot water.

A winding up petition, brought by HM Revenue Customs, is due to be heard tomorrow, which could mean the end of Chester City Football Club if £26,000 isn’t paid or an adjournment arrived at.

A top Manchester-based legal firm has been appointed to handle the potential sale, and last night a spokesman for City said: “The club will be legally represented at the hearing on Wednesday.

“A full disclosure of the club’s debts will be given to all parties who show a serious interest in purchasing the club, they must of course show us that they have the funds available not only to settle the outstanding debts, but also to take the club forward.”

Last night it emerged that two separate consortia of businessmen were showing interest, whilst the club’s supporters group City Fans United have also been approached with the terms of the deal.

One businessman told the Daily Post last night: “A number of issues would need to be clarified if we were to progress, and due diligence would be a prerequisite of any agreement.”

The Conference and Football Association have been keeping a close eye on events at the Deva Stadium over the past months, with the league’s general manager Dennis Strudwick expressing dismay that City didn’t send “decision makers” to a meeting last Thursday, when the club’s problems were to have been discussed.