Analysis: Colchester United takeover is off

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The planned takeover of Colchester United by a consortium including former Chelsea and England defender John Terry has collapsed. It was understood that U's owner Robbie Cowling was on the verge of selling to the group, but the club have confirmed that this process has now ended. A statement, external from the Essex side said: "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. "Both parties invested considerable time and effort into exploring the opportunity and would like to thank everyone involved for their professionalism and cooperation throughout the process. "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." Cowling added: "I would like to thank everyone involved for the time, effort and courtesy shown throughout the process. Whilst we have ultimately decided not to proceed together, I wish all concerned every success in the future."