Telegraph Sport reported in 2023 that Terry had explored trying to buy a 10 per cent stake in Chelsea as part of a consortium that included tech businessman Harley Kisberg and would have involved fan investment through PrimaryBid.
But it is believed Terry is working with different people over the proposed takeover of Colchester, whose current owner Robbie Cowling released a statement that said: “Colchester United are currently in detailed discussions with a consortium regarding a proposed sale of the club.
“At this stage, we are not in a position to comment on any specific individuals or companies involved. Further details will only be shared once a transaction has been fully completed and all formalities have been concluded. In the meantime, 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.”
Terry captained England and Chelsea, with whom he won five Premier League titles and the Champions League. He was an assistant to Dean Smith at Aston Villa and Leicester City, but has not made the move into management.
Barring any last-minute hitches, Terry will become the latest big name to be involved with a lower league club following the likes of Tom Brady at Birmingham City, Ryan Reynolds at Wrexham and Snoop Dogg at Swansea City.