Colchester United has informed fans that negotiations with a consortium featuring former Chelsea and England defender John Terry have ended without a sale.
Previously, owner Robbie Cowling was reportedly close to agreeing to a transfer of the club to the group, but the parties have since decided to conclude the process.
A club statement confirmed: “Colchester United Football Club can confirm that discussions regarding the potential acquisition of the club have concluded, and the parties will not be proceeding with the transaction.”
The statement added that both sides had invested significant time and effort into the exploration and thanked each other for professionalism and cooperation throughout.
Following due diligence, the parties agreed to amicably walk away from the deal, emphasising mutual respect.
Cowling concluded: “I would like to thank everyone involved for the time, effort and courtesy shown throughout the process. While we have ultimately decided not to proceed together, I wish all concerned every success in the future.”