Colchester United owner denies rumours Us will enter administration

Online speculation suggested that the Us were millions of pounds in debt.

In a statement on the club's website, Mr Cowling - who is also Us chairman - said he had applied for a monitored loan from the English Football League (EFL) to help steer Colchester United through a tricky financial period, following the coronavirus crisis.

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

"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.

Colchester United, seen here playing a friendly against Ipswich Town, are battling relegation from League Two (Image: 2020 Richard Blaxall / Colchester United Football Club)

"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."

He added: "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.

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

"Up the Us."

The Us recently sacked manager Wayne Brown after just 25 days in the job, after he oversaw just one win in nine games - with Colchester close to the League Two relegation zone.

He was replaced by Hayden Mullins, the former Crystal Palace and West Ham defender who has also had coaching roles at Reading and Watford.

Former Colchester boss Joe Dunne has returned to the club as a coach.

Steve Ball, who was sacked as manager on February 23 following a run of 13 games without a win, has returned in a player recruitment role.