John Terry Colchester United takeover: Chelsea legend leads £14m League Two buyout

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Former Chelsea captain John Terry is reportedly set to be announced as the new owner of League Two side Colchester United as part of a consortium in a £14million takeover deal

Former Chelsea captain John Terry is reportedly set to become owner of League Two club Colchester United, making him the latest ex-Premier League star to acquire a football club. The 45-year-old is expected to be unveiled as part of a consortium orchestrating a £14million takeover at the mid-table outfit.

The Sun claims Terry will join the likes of Ryan Reynolds, Snoop Dogg, and Will Ferrell in owning a football club within the English pyramid, with one source suggesting the Blues legend is genuinely enthusiastic about the deal being finalised.

Terry will reportedly wield considerable influence at the League Two side, who currently sit in 13th position under the stewardship of former Lincoln City, Huddersfield Town, and Portsmouth manager Danny Cowley.

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Terry's nephew Frankie Terry is also registered with Colchester United, though he has spent part of this season on loan at National League outfit Braintree Town, reports the Mirror.

The Blues' legend is said to be 'absolutely buzzing' about getting involved with The U's and holds strong faith in the staff and squad at the Essex-based outfit.

His unexpected venture into club ownership comes after a former teammate expressed interest in purchasing the League Two club. However, Terry's former Chelsea teammate Alexandre Pato pulled out of negotiations back in February. The ex-Brazilian striker had been in discussions to purchase the U's and attended their match against Fleetwood Town as a guest of chairman-owner Robbie Cowling.

A joint statement released by both parties read: "Aspire Media Group has decided not to proceed with the proposed acquisition of Colchester United by Sports Alpha Capital (SAC), the investment consortium managed by Joao Xavier and including Alexandre Pato. Accordingly, discussions have concluded.

"SAC will continue to explore future opportunities within English football while maintaining a lasting respect and affection for Colchester United and its supporters. Colchester United remains focused on the remainder of the season and its ongoing ambitions for progress and success."

Hollywood star Ryan Reynolds and American singer Snoop Dogg are just two of the high-profile celebrities to have invested in EFL clubs in recent years. Reynolds, alongside fellow American Rob McElhenney, has helped steer Wrexham from the National League to the verge of the Championship play-offs, while Snoop Dogg has put money into fellow second-tier side Swansea City.

It represents a somewhat unexpected move into club ownership for Terry, who had been outspoken about his desire to move into management, having been passed over for the Chelsea interim role earlier this season.