Aspire Media Group, including former AC Milan striker Alexandre Pato, has withdrawn from talks to take over League Two club Colchester United, according to a joint statement. The consortium, managed by Joao Xavier, was reportedly interested in acquiring the club from owner Robbie Cowling.

Pato, who won a silver medal with Brazil at the London 2012 Olympics, attended a recent Colchester game as a guest of Cowling. The statement confirmed discussions have concluded, though it remains unclear if other potential buyers remain in the running.