Colchester United Chairman Robbie Cowling has today confirmed that he is in advanced discussions to sell the football club to a United States based consortium, Lightwell Sports Group, led by businessman Tim Foley.
Cowling, who has owned Colchester United since August 2006, stated:
“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. 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,” Cowling added.
No further comment will be made at this time while the legal and regulatory processes are ongoing.
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Very sad about this. Cowling has been unfairly maligned by Colchester fans as he hasn't spent tons of money on players over the years. However, unlike many peers over the past 20 decades - peers of similar or slightly larger size, let's say - Cowling's spending has been sustainable. No financial crises in his time. No idea who Tim Foley and his Lightwell Sports Group are, but I think this would be a sad state of affairs. Colchester aren't a big team, the very idea that international investors might see 'value' in investing in such a team is anathema to me.
Not much detail behind this Lightwell group, other than property investment in the US. Foley used to work in media for the United World Wrestling group, otherwise there's not much to find on him either.