Robbie Cowling speaks with ITV Anglia's Donovan Blake about the rumours of administration and Colchester's battle to avoid relegation
Colchester United owner Robbie Cowling has denied internet rumours that the club is about to enter administration.
In a statement on the League Two side's website he gave assurances that the club was in a good financial position and he'd remain owner for the foreseeable future.
He was reacting to suggestions posted online that the club was millions of pounds in debt and that a points deduction could hand a lifeline to fellow League Two strugglers Southend and Grimsby in the fight against relegation.
But the Colchester United owner has strongly rejected the rumours:
"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."
He said he'd sold a number of assets to ensure that cash was available to support all of his business interests and that he had informed the EFL he wouldn't need a loan after all.
More on Colchester United and Essex rivals Southend United's fight to stay in the EFL. Watch Donovan Blake's report.