Colchester United owner and Chairman Robbie Cowling has issued the following statement:
"Since the announcement of a potential takeover of Colchester United, I’ve intentionally shared limited updates.
That’s because the prospective buyers have been carefully and thoroughly evaluating the legal and financial responsibilities that come with owning the club.
This has been no small undertaking, and they have approached the process with professionalism, diligence, and respect for the club’s legacy. Throughout, I have also been assessing whether they possess the right credentials and long-term commitment to lead Colchester United forward.
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.
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.
My focus remains on supporting the club as we prepare for the upcoming season. While my long-term intention to sell Colchester United has not changed, I will continue to provide the financial backing and leadership needed to guide the club forward.