Chelsea legend John Terry’s attempt to acquire Colchester United, a League Two team, has failed.
Terry was a member of a group organising a reported £14 million purchase in Colchester.
The two parties have been in talks since April, but Robbie Cowling, the current owner, confirmed in a statement on Thursday morning that talks will not continue.
The decision was ‘reached amicably and with mutual respect.’
Talks To Acquire Colchester United Broke Down
According to Football London, Cowling confirmed this in an update published by the football club: “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.”
Terry is set to become a part-owner of Danny Cowley’s team, and Cowling, who has led the U’s for 20 years, is looking to sell the club.
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The former Blues defender went to the JobServe Community Stadium to witness the U’s play Accrington Stanley. He stopped to take pictures with fans before going up to the director’s box to watch the game.
However, the takeover will no longer move forward, and this is the third time a potential acquisition has failed since Cowling stated in May of last year that he intended to hand off the reins.
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.”
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