Colchester United chairman Robbie Cowling rejects rumours

Rumours have circulated on social media today about the club's finances, following a post that suggested that an unnamed League Two club was £30m in debt and as a result, would be 'put into administration'.

The poster listed relegation-threatened trio Grimsby Town, Barrow and Southend United as being handed a 'relegation lifeline' but did not not name the club, fuelling speculation that fellow fourth-tier strugglers Colchester may be the club involved.

It led to Colchester trending on social media but Cowling has moved quickly to strongly reject the rumours, calling them 'very unhelpful'.

In an amended statement on the U's website, he said: "I’m making this corrected statement in response to rumours that Colchester United are about to go into administration.

"I can assure everyone that Colchester United will never go into administration whilst I am its owner and I intend to remain as the owner of Colchester United for the foreseeable.

"In my earlier statement, I claimed that someone on the EFL Board had initiated the rumour but I wish to withdraw that accusation.

"The fact is we had applied for a monitored loan from the EFL, which should not come as a surprise to anyone as I had already mentioned that I would be applying for one in an earlier statement I made this year.

"Even before the pandemic, Colchester United needed financial support and my businesses have always been there to provide it.

"This year's profits in my other businesses have been affected by the pandemic but I have sold a number of assets to make sure that funds are available for all of my businesses should they be required.

"With the sale of those assets, I have however informed the EFL today that we will not be making use of the loan facility after all.

"Hopefully I can have a day off tomorrow to enjoy our game against Oldham, and the rumour mongers will find an alternative target for their gossip.

"Up the U’s. Robbie"