John Terry’s proposed takeover of League Two side Colchester United has officially fallen through, ending months of negotiations between the former Chelsea captain and the club.

The former England international was part of a consortium that had been planning a reported £14 million acquisition of the Essex-based club.

Discussions between the two parties had been ongoing since April, raising hopes that a deal could be finalised ahead of the new season.

However, current owner Robbie Cowling issued a statement on Thursday morning confirming that negotiations would not be taken any further forward.

Cowling stated: “I would like to thank everyone involved for the time, effort and courtesy shown throughout the process.”

He added: “Whilst we have ultimately decided not to proceed together, I wish all concerned every success in the future.”

The club also released its own statement confirming the breakdown of talks, describing the decision as one reached with mutual respect by both parties.

The statement read: “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 also confirmed that the club “remains focused on preparations for the forthcoming season and on continuing the positive progress that has been made both on and off the pitch.”

Cowling has been at the helm of Colchester United for 20 years and has been seeking a buyer, but this marks the third time a prospective takeover has collapsed since he expressed his intention to sell the club last May.

Terry had previously attended a Colchester match against Accrington Stanley at the JobServe Community Stadium, watching from the director’s box after stopping to take photographs with supporters.

The Chelsea legend had been reportedly enthusiastic about completing the deal, which would have seen him join a growing list of celebrities owning English football clubs.

Had the deal gone through, Terry would have joined the likes of Ryan Reynolds, Snoop Dogg, and Will Ferrell in taking ownership of a club within the English football pyramid.

With the takeover now officially off the table, Terry must look elsewhere as he seeks to make his mark in football off the pitch.

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