The Sun reported on Monday that Terry, 45, would have significant influence over the footballing side of the Essex club should a deal be completed. His nephew Frankie Terry is already on Colchester's books, and the former defender is said to have visited the training ground on several occasions. Terry has been working in the Chelsea Academy following coaching stints at Aston Villa and Leicester.
Cowling, who has been owner and chairman for nearly two decades, issued a cautious statement following the reports. "Colchester United are currently in detailed discussions with a consortium regarding a proposed sale of the club," he said. "At this stage, we are not in a position to comment on any specific individuals or companies involved."
He added that further details would only be released once a deal had been fully completed and all formalities concluded. "My focus remains on ensuring that any decision regarding the future ownership of the club is the right one for Colchester United, its supporters, and its long-term success."
The care is understandable given the club's recent history at the negotiating table. In February, the Sports Alpha Capital consortium — which had included former Brazil and Chelsea forward Alexandre Pato — withdrew from talks without agreement. Before that, American businessman Tim Foley's Lightwell Sports Group came close to a deal before that too collapsed in June 2025.
Cowling formally put the club back on the market in September and has been candid about his desire to hand over to someone capable of providing what he described as a "moon shot" for supporters. Colchester currently sit 13th in League Two.
Terry would bring instant credibility and significant football contacts to any ownership role. Whether he is confirmed as part of this consortium remains to be seen, but for a club that has watched two deals fall through in the space of a year, supporters will be hoping this one holds.