US consortium in talks to take over Colchester

Colchester United were founded in 1934

Colchester United are in advanced takeover talks with a US consortium, headed by businessman Tim Foley.

In a short statement, chairman Robbie Cowling, who has owned the League Two club since 2006, confirmed talks are ongoing with the Lightwell Sports Group.

"After nearly two decades at the helm of this wonderful football club, I can confirm that I am relatively close to finalising a deal to pass ownership to a US-based consortium led by Tim Foley," he said.

"These discussions have been ongoing for some time, during which time I have grown to believe that the prospective new owners not only share my passion, and respect for the community, but are much better placed than I am to take Colchester United forward.

"It has been an incredible journey, and I remain committed to ensuring a smooth transition that secures the best possible future for the club, its supporters, and everyone connected with Colchester United. I will provide further updates as soon as I am able to."

The news came just three days after Colchester missed out on a place in the League Two play-offs, finishing 10th in the table following a goalless draw with Barrow.

The U's were a Championship club at the time Cowling took over from previous owner Peter Heard in 2006, having climbed from non-league football, in which they spent a couple of seasons in the early 1990s.

They have just concluded their ninth campaign in League Two following relegation from the third tier in 2016, with a best finish since then of sixth in 2020.

The club say "legal and regulatory processes are ongoing" and there will be no further comment until the work is completed.

Foley has been the owner of Lightwell since 2020, having previously worked for United World Wrestling, the governing body which oversees the sport for World Championships and Olympics, including Greco-Roman competitions.

Colchester have spent the past nine seasons in League Two

Some Colchester supporters have already expressed mixed feelings about the takeover talks.

Seb told BBC Essex: "I'm a little bit cautious. I feel he (Robbie Cowling) has done a good job of keeping the club afloat, navigating us through Covid. Things haven't always gone right but he's from the area, he understands the club and I think that helps.

"We look at other clubs like Carlisle who have suffered a double relegation, Crawley who've been relegated as well. They've been over commercialised by American owners who don't understand the community.

"Those two clubs, and quite a few others in this country who have American owners, are warning signs. Whilst people are caught up in the Wrexham story, I don't think that will happen to us, they are very unique in terms of their owners."

Another fan, Si, said: "Like him (Cowling) or not, he has done what he feels is right for the club and I'd like to think he'll follow this on with who he sells it to, it won't just be anybody, it'll be someone he does genuinely trust to take the club forward.

"The only thing I worry about is are they going to come in with American ideas and try and change the wheel? We're in such a good place with the manager we've got now (Danny Cowley), the foundations are there."

When asked about the growing number of English clubs being bought by US investors, Cowling said in March: "It's a bit of a shame that there are very few owners like myself left. There's only a few of us that would own 100% of a club that are English local, owners, a very low number.

"It is different now and maybe there'd be a time when the best thing for Colchester United would be for it to be owned by a consortium of wealthy people.

"A football club, even in League Two, perhaps doesn't need to be owned by one multi-millionaire, but a consortium of them. Who knows? There could be an opportunity and I'd want to do the right thing for the club."

'American ownership a growing trend' - analysis

by Victoria Polley, BBC Essex sport editor

This is huge news for Colchester United and would certainly mark the end of an era for the U's.

Rumours have been swirling since the turn of the year that Robbie Cowling might be looking to end his almost 20-year association with the club, but speaking to BBC Essex back in February, he wouldn't be drawn on it.

Cowling has always been a shrewd businessman, not afraid to say what he thinks and has dipped further into his pockets when the U's have needed it to save their EFL status.

It's been a much more positive season on the pitch for Colchester United, narrowly missing out on the League Two play-offs.

American ownership certainly seems to be a growing trend and we'll wait to see whether the U's will benefit.