Former Chelsea captain John Terry was set to become part-owner of League Two side Colchester United, but negotiations have fallen through
Chelsea legend John Terry’s proposed takeover of League Two club Colchester United has fallen through. The former England international was part of a consortium planning a reported £14million acquisition at Colchester.
Discussions have been underway between the two parties since April, but the current owner, Robbie Cowling, issued a statement Thursday morning confirming that negotiations will not proceed. The decision has been ‘reached amicably and with mutual respect.’
In an update published by the football club, Cowling confirmed: “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.”
Cowling has been at the helm of the U’s for 20 years but is seeking to sell the club, with Terry poised to become part-owner of Danny Cowley’s side.
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The Blues legend attended the U’s in action against Accrington Stanley at the JobServe Community Stadium, stopping for photographs with supporters before heading up to the director’s box to watch the match.
However, the takeover will no longer proceed and it marks the third occasion a prospective buyout has collapsed since Cowling expressed his intention to pass on the baton last May.
A club statement read: “Colchester United Football Club can confirm that discussions regarding the potential acquisition of the Club have concluded, and the parties will not be proceeding with the transaction.
“Both parties invested considerable time and effort into exploring the opportunity and would like to thank everyone involved for their professionalism and cooperation throughout the process.
“Following an extended period of due diligence and discussions, the parties have agreed not to proceed with the transaction. The decision has been reached amicably and with mutual respect.
“Colchester United remains focused on preparations for the forthcoming season and on continuing the positive progress that has been made both on and off the pitch. No further comment will be made at this time.”
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Terry had been poised to join the likes of Ryan Reynolds, Snoop Dogg, and Will Ferrell in owning a football club within the English pyramid.
The former England captain was reportedly particularly enthusiastic about the deal being finalised, but must now turn his attention to alternative opportunities.
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