EFL club takeover collapses | OneFootball

An EFL club has seen a takeover led by a Chelsea and England legend fall through

Colchester United are one of the EFL clubs seeking new ownership, with the League Two side’s search for a takeover stretching back over a year.

Supporters of the Essex outfit have had very little to shout about over the past decade. The upcoming season will be the club’s 11th consecutive campaign in League Two and during that time they have only finished in a play-off position once.

Last term saw Danny Cowley’s team finish 12th in the fourth tier, 12 points off of the play-offs and subsequently highlighted the club’s need for investment in order to progress.

Current owner Robbie Cowling has been looking to sell the club since last year, having been at the helm for 20 years.

He admitted last year that the Essex outfit needs an owner with “deeper pockets” and has since seen the club’s search for a fresh injection of funds suffer from a string of proposed takeover bids that have fallen through.

Colchester suffer fresh takeover setback as latest bid collapses

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Colchester have confirmed on their official channels that the latest proposed takeover bid has collapsed, stating that “discussions regarding the potential acquisition of the club have concluded, and the parties will not be proceeding with the transaction”.

In a club statement, the U’s wrote in full: "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.

Robbie Cowling commented: '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.'

"No further comment will be made at this time."

Collapsed takeover bid was led by Chelsea and England captain

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According to Colchester United reporter Jon Waldron, the takeover bid was from a consortium led by former England and Chelsea captain John Terry.

The Blues legend’s interest in purchasing the Essex club was first reported by The Sun in April, who stated he was ready to spend £14million. The former Three Lions defender was spotted at a match against Accrington Stanley towards the end of last campaign.

Terry isn’t the only former footballer who has shown interest in investing in Colchester. Earlier this year it was reported that a consortium linked to ex-Brazil international Alexandre Pato had explored a purchase.

Prior to that, the club had entered discussions with an American-backed group last year.