There was a recent article published that suggested Man City were making attempts to bring their accounts into some kind of order, I imagine that a lot of that is to do with financial fair play regulations.
City have a problem with Lescott because they know that nobody else will match his wages, and at 90k a week he is a very expensive reserve. So they have two options, get rid of him somehow, even if it involves paying a small proportion of his wages, or allow him to continue picking up 90k a week before he moves on a free in 18months time.
Keeping Lescott at 90k week, and then letting him leave on a free in 18 months time can't be that much of an attractive option. Surely they would prefer to get rid of him for a fee in the range of around 6 or 7million pounds?