Chelsea legend John Terry was involved in takeover talks at League Two side Colchester United but negotiations have fallen through
John Terry's proposed Colchester United takeover has collapsed
John Terry's proposed Colchester United takeover has collapsed(Image: Getty Images)
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Chelsea legend John Terry's takeover of League Two side Colchester United has collapsed. The former England international was part of a consortium planning a reported £14million takeover at Colchester.
Talks have been ongoing between the two parties since April, but current owner Robbie Cowling has released a statement Thursday morning confirming that talks will not continue. The decision has been 'reached amicably and with mutual respect.'
In an update released 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 in charge of the U's for 20 years but is looking to offload the club with Terry in line to become part-owner of Danny Cowley's side. Terry watched the U's in action against Accrington Stanley at the JobServe Community Stadium, posing for pictures with fans before making his way up to the director's box to watch the game.
However, the takeover will no longer go ahead and it's the third time a potential buy out has fallen through since Cowling announced his desire to bass 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.
Former Chelsea defender John Terry had been in takeover talks with the League Two side.
Former Chelsea defender John Terry had been in takeover talks with the League Two side(Image: PA Wire)
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"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."
Terry had been on the verge of following in the footsteps of Ryan Reynolds, Snoop Dogg, and Will Ferrell by owning a football club in the English pyramid. The former England international was said to be really excited about the deal being announced, but will now have to look elsewhere.
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