Colchester United in advanced takeover talks with US-based consortium

United States-based consortium Lightwell Sports Group are in advanced negotiations to complete the purchase of League Two club Colchester United.

Colchester have been owned by Robbie Cowling since 2006 and the U's enjoyed their best campaign since 2019/20 by finishing 10th in League Two, only three points adrift of a play-off place.

Rumours of a potential takeover began to emanate in March and Cowling has now issued a statement outlining how talks were ongoing with the consortium, who are headed by American businessman Tim Foley.

"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 said.

"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."

The U's were threatened with demotion to the National League in 2023/24 but the appointment of Danny Cowley in January 2024 has proven to be an inspired one, with the former Portsmouth boss steering the club clear of trouble before orchestrating a play-off push that just fell short in the subsequent campaign.

Colchester say "legal and regulatory processes are ongoing" and there will be no further comment until negotiations are completed.

There's been an increasing number of Football League clubs who have been the subject of investment from across the pond.

The most notable is the Hollywood duo of Ryan Reynolds and Rob McElhenney, who have helped to orchestrate Wrexham's ascent from National League to the Championship in less than five years.

In League Two, Florida real estate tycoon Brad Galinson has been the controlling stakeholder of Gillingham since late 2022, while Crawley Town - who succumbed to the League One drop in 2024/25 - are owned by Wagmi United LLC, a group of US-based cryptocurrency investors.

Jaquob Crooke

• League Two
• • 
  •