Colchester United in 'advanced talks' for US takeover
The chairman says discussions are close to completion and involve a group led by American businessman Tim Foley
Colchester United are in advanced talks over a takeover by a United States-based consortium, the club’s chairman has confirmed.
The group is led by businessman Tim Foley and operates under the name Lightwell Sports Group.
Robbie Cowling, who has owned the club since 2006, said: “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 added: “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.”
No further comment has been made while legal and regulatory steps continue.