John Terry's proposed takeover of League Two side Colchester United has collapsed. The Chelsea legend was part of a consortium planning a £14 million acquisition of the club, but negotiations have ended.
Statement from Colchester United
Current owner Robbie Cowling released a statement Thursday morning confirming that talks will not continue. The decision was 'reached amicably and with mutual respect.'
Cowling said: '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.'
A club statement added: '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.'
Third failed takeover attempt
This is the third time a potential buyout has fallen through since Cowling announced his desire to sell the club last May. Terry had been in talks since April and even watched the U's play against Accrington Stanley, posing for photos with fans.
Terry was reportedly excited about the deal, which would have seen him follow in the footsteps of celebrity owners like Ryan Reynolds, Snoop Dogg, and Will Ferrell. However, he will now have to look elsewhere.
Cowling has been in charge of Colchester for 20 years. The club remains focused on preparations for the forthcoming season, and no further comment will be made at this time.
