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Alexandre Pato won a silver medal with Brazil at the London 2012 Olympics An investment group including former AC Milan and Brazil forward Alexandre Pato has withdrawn from talks to take over Colchester United. Pato attended last month's game against Fleetwood Town as a guest of chairman-owner Robbie Cowling. However, in a joint statement both parties said: "Aspire Media Group has decided not to proceed with the proposed acquisition of Colchester United by Sports Alpha Capital (SAC), the investment consortium managed by Joao Xavier and including Alexandre Pato. Accordingly, discussions have concluded. "SAC will continue to explore future opportunities within English football while maintaining a lasting respect and affection for Colchester United and its supporters. "Colchester United remains focused on the remainder of the season and its ongoing ambitions for progress and success. " Pato interest shows strength of English game - Cowley Pato consortium interested in Colchester takeover Cowling put the club up for sale last year but a deal with the the US-based Lightwell Sports Group fell through in June. The sale process was reopened three months later with Cowling saying he would take whatever time was needed to "find the right long-term steward" for the club. "I think I could grow it incrementally but fans aren't interested in that, " he told BBC Essex in December. "All they're worried about is how it does in the league and whether it wins. The analogy I use is I understand fans, they want a moon shot, and all I feel able to provide myself is a slightly longer ladder every year. "Hopefully, I'm going to be able to go out there and find somebody that perhaps can provide that rocket. " The involvement of Pato, who won 27 caps for Brazil and was in their squad for the London 2012 Olympics, had excited the interest of U's fans. It is not known whether there are other investment groups still in the running. The takeover is being overseen by American consultant Mitchell B Reiss on behalf of the club. Colchester are 12th in League Two going into Saturday's away game against Barrow. Winter Olympics - follow the action from day seven in Italy Tudor agrees deal to become Spurs' interim boss Who is Igor Tudor? Analysis and reaction as Tottenham agree deal for head coach The anti-freeze scandal that tainted Austria’s fine wine reputation A Suitable Boy: Where traditions clash with modern dreams A smooth soul throwback mix from iconic voices An intense drama where AI deepfakes have blurred reality 'Shocking' or correct? Why Ukrainian skeleton slider was banned Tuchel deal delights FA - but timing has echoes of Capello decision Did Dyche deserve the sack at Nottingham Forest? Lucky break that changed Alexander-Arnold's Real future Frank's downfall: Inside his struggle to get players and fans onboard GB's Weston bids for skeleton gold - Friday's guide 'England the perfect game for Scotland's salvation army' In Pictures: The best of the Winter Olympics - day by day How Team GB is leading the way in curling's arms race Pilates pain and spotting space - how Ford stays in England fly-half fight at 32 Malinin, Minion and Milan's most emotional moment Why British coach is 'game-changer' for Super Bowl winners & NFL From 1% chance of survival to Super Bowl winner Copyright © 2026 BBC. The BBC is not responsible for the content of external sites. Read about our approach to external linking.