Colchester takeover by US consortium falls through

Colchester United announced last month that they were in advanced talks to sell the club to a US-based consortium

The proposed takeover of Colchester United by a US-based consortium has been called off.

The group, headed by businessman Tim Foley, said "we were unable to get the deal across the line."

They did add, however, they could return to the table if circumstances change, and indicated they were still looking at the possibility of investing in other League Two or League One clubs.

Current Colchester owner Robbie Cowling, who said last month the deal was "relatively close", added that his "long-term intention" is still to sell the club.

In a statement, Cowling said: "Despite the mutual goodwill and constructive spirit shown on all sides, we have not been able to reach an agreement that would enable a change of ownership at this time."

Foley is the owner of New York-based property developer Lightwell and previously worked for United World Wrestling, the governing body which oversees the sport for World Championships and Olympics, including Greco-Roman competitions.

He told the BBC: "This does not necessarily mark the end of our interest in the club, and we are hopeful for the future.

"We remain admirers of what Colchester United represents and are open to future dialogue should circumstances change.

"We came to several matches and cheered with passion each Saturday from afar. That won't disappear overnight.

"Broadly, we continue to be interested in investing in the English game and believe there are compelling opportunities to support and grow ambitious clubs at the League One and League Two levels."

Cowling, who has owned the U's since 2006, said the prospective buyers had been "carefully and thoroughly evaluating the legal and financial responsibilities that come with owning the club".

He added: "This has been no small undertaking, and they have approached the process with professionalism, diligence, and respect for the club's legacy.

"Throughout, I have also been assessing whether they possess the right credentials and long-term commitment to lead Colchester United forward.

"While my long-term intention to sell Colchester has not changed, I will continue to provide the financial backing and leadership needed to guide the club forward."