Colchester United takeover falls through
The club’s owner says he remains committed to supporting Colchester United as takeover talks with US consortium end without a deal
Colchester United’s proposed takeover by the US-based Lightwell Sports Group has been paused after owner and chairman Robbie Cowling confirmed no agreement was reached.
Cowling said the prospective buyers, led by businessman Tim Foley, carried out a detailed review of the club’s legal and financial responsibilities but the sides were unable to finalise a deal.
He 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."
The club’s chairman added that Foley and his team showed professionalism and respect throughout the process. Cowling also said he has been assessing whether the buyers have the right credentials and long-term commitment to lead the club forward.
He stated: "Tim Foley is a highly capable businessman who has demonstrated a sincere understanding of the importance of this responsibility, which is reflected in the thoughtful and methodical way he and his team have conducted themselves."
Cowling said his long-term intention to sell Colchester United remains unchanged, but for now he will continue to provide financial support and leadership.
He told supporters: "My focus remains on supporting the club as we prepare for the upcoming season. I would like to sincerely thank Tim and his team for their hard work throughout this process and extend my appreciation to our supporters for their continued patience and commitment."
Colchester United finished the 2024–25 season in 10th place in League Two, narrowly missing out on a play-off spot. The club is now preparing for its tenth consecutive season in the division.