Alexandre Pato consortium pulls out of Colchester takeover talks

Cowling put the club up for sale last year but a deal with the the US-based Lightwell Sports Group fell through in June.

The sale process was reopened three months later with Cowling saying he would take whatever time was needed to “find the right long-term steward” for the club.

“I think I could grow it incrementally but fans aren’t interested in that,” he told BBC Essex in December.

“All they’re worried about is how it does in the league and whether it wins. The analogy I use is I understand fans, they want a moon shot, and all I feel able to provide myself is a slightly longer ladder every year.

“Hopefully, I’m going to be able to go out there and find somebody that perhaps can provide that rocket.”

The involvement of Pato, who won 27 caps for Brazil and was in their squad for the London 2012 Olympics, had excited the interest of U’s fans.

It is not known whether there are other investment groups still in the running.

The takeover is being overseen by American consultant Mitchell B Reiss on behalf of the club.

Colchester are 12th in League Two going into Saturday’s away game against Barrow.