Colchester United have revealed that their proposed takeover of the club will not proceed any further, after an agreement could not be reached.
The U’s never formally named the interested party, but it was widely reported that a consortium, led by ex-Chelsea legend John Terry, had entered talks to take over the Essex-based club.
However, a statement released by Colchester this morning confirmed that the acquisition of the club will not be happening at this moment in time.
Another False Dawn For Colchester Supporters
This is far from the first takeover attempt of Colchester. Three have fallen through in the past 12 months, starting with a US-based consortium, Lightwell Sports Group, last June. Terry isn’t the first high-profile name to lead an attempt to acquire the U’s, with former AC Milan and Brazil forward Alexandre Pato withdrawing from talks earlier this year.
However, this latest attempt finally looked to be progressing towards a happy conclusion for all parties. The Sun had previously reported that Terry’s party had submitted a £14m bid, but this has proved to be unsuccessful.
After no sale could be agreed, the current Colchester owner Robbie Cowling made the following statement:
“I would like to thank everyone involved for the time, effort and courtesy shown throughout the process. Whilst we have ultimately decided not to proceed together, I wish all concerned every success in the future.”
What Next?
There were some murmurings suggesting that Terry could instil himself as Colchester’s head coach, if he was to successfully takeover the club. Those claims were never substantiated, and are now irrelevant. What is far more pressing at this moment in time is the short and long-term future of the U’s, and the future of Danny and Nicky Cowley.
There are no claims that the pair are looking to move on, but they are undoubtedly an ambitious duo. The Cowleys have breathed fresh air into Colchester’s ambitions of a return to League One, after they looked in danger of dropping out of League Two in the other direction earlier this decade. However, two near-misses with the play-offs mean a little more investment may be required to enter the promotion race this coming season.
Frustration continues to grow from U’s supporters about Cowling’s running of the club. Many believe that they cannot progress to the next level without that additional level of extra funding, which the current owner says someone with ‘deeper pockets’ is needed. Cowling also claimed he would find the U’s the right buyer, but with three failed takeover attempts in the near past, questions will intensify surrounding his desire to sell the club.
