THE proposed sale of Colchester United to Lightwell Sports Group is off.
Robbie Cowling, the owner and chairman of U, revealed this morning that despite “the mutual goodwill and
constructive spirit shown on all sides,” he has been unable to come to an agreement about the possible purchase to
the US-based consortium headed by businessman Tim Foley.
Mr. Cowling added, though, that he will still give the club the leadership and financial support it needs to move on in
spite of the news.
“I’ve purposefully shared limited updates since the announcement of a possible takeover of Colchester United,” Mr.
Cowling stated in a statement.
The reason for this is that the potential purchasers have been carefully and completely weighing the financial and
legal obligations associated with club ownership.
“They have approached the process with professionalism, diligence, and respect for the club’s legacy; this has not
been a small undertaking.” During this time, I have also been evaluating if they have the qualifications and
dedication to guide Colchester United forward.
Tim Foley is a very successful businessman who has shown a genuine appreciation for the significance of this duty,
as evidenced by the careful and meticulous manner in which he and his team have operated.
“I’m still focused on helping the team as we get ready for the new season.” Although I still intend to sell Colchester
United in the long run, I will continue to give the team the funding and direction it needs to succeed.
“I want to express my gratitude to our supporters for their unwavering patience and dedication, as well as to Tim and
his team for their tireless efforts throughout this process.”
In a statement released on May 6, Mr. Cowling said he was in “advanced discussions” to sell the football team to Tim
Foley’s Lightwell Sports Group.
The owner of the U’s said at the time that talks had been going on for a while and that he was “relatively close to
finalising a deal.”
“I have come to believe that the potential 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,” Mr. Cowling said in a statement released in
May.
“To ensure a smooth transition that secures the best possible future for the club, its supporters, and everyone
connected with Colchester United,” Mr. Cowling stated his continued commitment.
However, there hasn’t been any news on the anticipated takeover since, which has left some fans wondering if it will
ever happen.
There has also been some ambiguity surrounding player contracts; some important team members, including Lyle
Taylor, Tom Flanagan, and Mandela Egbo, have not yet agreed to new terms for their current contracts, which are set
to expire this week.
Despite everyone’s best efforts, it has finally been announced that the deal is off.
Leave a Reply