John Terry's £14m Colchester United takeover collapses for third time under Cowling

John Terry’s proposed £14 million takeover of League Two side Colchester United has collapsed, with current owner Robbie Cowling confirming on Thursday that negotiations will not continue after months of discussions.

Terry had been part of a consortium in talks with Cowling since April, and was reportedly excited about the prospect of becoming a part-owner of Danny Cowley’s side. The former Chelsea and England captain had even attended a match at the JobServe Community Stadium — watching Colchester face Accrington Stanley — where he posed for photographs with supporters before taking his place in the director’s box.

In a statement released by the club, 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.”

The club’s own statement confirmed the outcome: “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.”

The breakdown marks the third time a potential sale has fallen through since Cowling — who has owned the club for 20 years — announced his desire to hand over the reins last May. Terry had been on course to follow a growing trend of high-profile figures entering the English football pyramid, in the mould of Ryan Reynolds, Snoop Dogg, and Will Ferrell at Wrexham. He will now have to look elsewhere if he wishes to pursue a role in club ownership.