Things are never dull at Cardiff City. Never, never, never. It's what helps making covering, or following, Wales' capital city club so fascinating.
So it's perhaps typical that within 48 hours of the derby day embarrassment for Steve Morison and his team at the hands of Swansea, reports emerged of a huge cull of the squad this summer and then of a potential takeover.
According to the Telegraph, three separate parties are expressing an interest in buying Cardiff City from Vincent Tan. But there's a world of difference between interest and an offer on the table, let alone a credible bid. This is the reality of why there is interest and how things stand....
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Cardiff's huge potential
There are a number of Championship clubs said to be interesting would-be buyers at the moment and Cardiff are one of them. A mover and shaker within football circles, familiar with the sale of clubs, says Cardiff are viewed within the game as a more attractive option than any of the others.
Why? Because he explains Cardiff are seen as a big club, based in a capital city, with a rich potential to tap into if somebody can get it right. There have been fleeting moments of this, with two promotions to the Premier League, but neither journey lasted.
The run under Neil Warnock showed a glimpse of the type of fan base the Bluebirds can attract. They were the 11th-best supported team in the Premier League that year. So, take out the usual super powers of Man Utd, Liverpool, Arsenal, Chelsea, Spurs and Man City, plus West Ham, Newcastle and Everton, and Cardiff vied with Leicester as next best.
Leicester, remember, had won the league just three years earlier so there was a feelgood bounce, whereas Cardiff were relegated. Yet still there was next to nothing between the two clubs when it came to home gates, while Cardiff regularly sold out their away following.
Other sides like Southampton, Crystal Palace, Wolves and Brighton couldn't match Cardiff's fan base.
Respected pundits like Nathan Blake often say the Bluebirds could really take off were they to stabilise and achieve success in the top flight, like some of those other teams. Sam Hammam went way over the top with his Barcelona comparison, but his analogy of a capital city club representing a Wales region made sense to many.
Hammam argued that as Wales' capital team, the Bluebirds would automatically attract lots of followers not only from the city and its vast surrounding area, but also other parts of the country (Swansea notwithstanding, of course), as well as Welsh exiles everywhere.
The fact they are pushing so many home-grown players these days, many of whom also will go on to shine for Wales at Cardiff City Stadium, would be part of that attraction today. Cardiff is a happening city, which draws significant investment, and that could form part of the appeal for any would-be new owner.
And underpinning everything, of course, is Cardiff City Stadium, the state-of-the-art home of Welsh football which the Bluebirds loan out to the national team and still have a 112-year lease on. Throw in an Academy that has started to thrive and what's not to like?
"Cardiff do appeal greatly, far more than other clubs outside of the Premier League," we were told. "It's whether Vincent Tan would sell - and at what price."
Tan, it should be made clear, insists he has no intention of selling, although he has always maintained the Bluebirds would be available at the right price.
The interested parties
It's unclear who these are, if they really exist, or their credibility if they do. There has been talk behind the scenes for some time of a London consortium being put together. Then it was an American group, then one from the middle-east.
There has even been speculation that Cardiff's former owner Hammam might be interested in getting a consortium together. He retains an incredible enthusiasm for the Bluebirds, feels he has unfinished business with the club, but it's hard to see that happening in reality, although in football you never say never.
Only Cardiff's hierarchy of Tan, chairman Mehmet Dalman and chief executive Ken Choo will know the real picture and they are keeping their cards close to their chest.
However, we have been told by other sources that offers do come in for Cardiff because they are seen as so attractive. There was one on the table very recently, but it's so far below the market value Tan isn't even entertaining the idea.
Which brings us on to...
The price
This is where Cardiff, whatever the appeal, is a more complicated case than other clubs. Preston have been valued at £20m, Hull at £30m, but Cardiff are seen as way more valuable than that because of the aforementioned capital city, likely fan base and stadium reasons.
However, how do you price a club of such potential, but where the debts are at the level they are and the Emiliano Sala Court of Arbitration case is hanging over the club, which could cost £20million if the judgement goes against Cardiff?
The Bluebirds remain hopeful of winning that one, and a legal issue taken out by former director Michael Isaac. At least a third court case, this time involving ex-owner Hammam, has been settled. But would an investor pay £30-40m, only to then be stung with a further £20m over Sala should that judgement go wrong?
What about the mountain of debt owed to Tan himself, after he dug deep into his own pockets to help bankroll the club. This is significant. It's not a debt owed to a bank, or the tax man, it's internal, so to speak. Would Tan be prepared to write that off, or how much of it would be factored into any potential sale price?
These are issues that would need to be worked through with any would-be buyer. As things stand, though, there remains no demonstrative sign of Tan wishing to part company with Cardiff.
Tan's stance
This depends on who you want to listen to.
The Telegraph report "there is some confidence that Tan will soon be ready to sell up". The fact he doesn't attend matches in person, albeit Covid issues made travelling impossible during the pandemic, has increased the speculation.
Then others close to the Malaysian owner are adamant he has no interest whatsoever in letting Cardiff go, remains as committed as always to the football club and might be re-energised with the business model being put in place which sees a greater emphasis on home-grown stars.
Tan was said to be burning more than £2m a month on wages, originally the figure was even higher, helping to keep the club afloat during the pandemic. That, as well as his leisure empire taking such a hit, is bound to play on his mind.
On the other hand, he has implemented a cost-cutting exercise, with several senior stars on their way out this summer, and may find the new slimline set-up more manageable financially. Although he doesn't come to matches, Tan does still watch every game - often getting up in the early hours because of the time difference in the far east for Bluebirds night fixtures.
Tan has always stated two things. One, Cardiff is for sale at the right price - but that comes with the rider it is like any of his other businesses.
The second pledge is that he wants to leave the club in a better state than when he first took over. That would involve driving down the debt further and seeing a more viable business model in place which puts an emphasis upon youth. Players who have burst through like Rubin Colwill and Isaak Davies could be worth millions in the transfer market to Cardiff.
This season was always going to be one of transition. The way things are going next year is likely to be the same, possibly the year after too. Some of the younger players are really talented, but the key is signing more battle-hardened experienced stars during the summer who can play next to them.
Cardiff's transfer dealings, notably towards the end of Neil Warnock's reign, left the Bluebirds somewhat hamstrung. However, Tan knows June represents an opportunity for a reshaped and more fit-for-purpose squad.
What happens next
There will always be interest in a club of Cardiff's size, but the Telegraph report made a point of saying there were no bids at this stage. Any potential investors would almost certainly have to wait until the outcome of the Sala court case is known before committing.
Then, even if offers are tabled, it remains to be seen whether Tan chooses to cut his losses after 12 years at the helm - or whether, having tasted the Premier League dream twice, he gives it one last gamble. This could be achieved by digging deep into his pockets again, potentially selling some of his other business assets, and thus freeing up funds in the transfer window for Cardiff City?
The 'go with youth' model Cardiff are putting in place is clearly one that will serve them well in time. What happens in the short-term is more complicated.
To get into the top flight again will require significant investment. Tan heavily backed previous managers Malky Mackay and Neil Warnock. Whether he feels Morison should also be handed that kind of war chest is open to question.
But for the time being, it seems, he will be the one making that decision and nothing changes in terms of the sale of the club.
