Colchester United chairman Robbie Cowling is to take total control of the club by buying up the remaining shares.

Cowling currently owns more than 99% of the shares in United and has taken up the option to compulsorily purchase the outstanding stakes.

In a statement on the club's website, Cowling said: "I have to do what is best for the club.

"I want to respect the holders of those shares and still give them some involvement in the club."

Cowling bought a majority shareholding in Colchester in 2006 when he took over the shares belonging to former chairman Peter Heard.

He then offered to purchase the interests of other shareholders, many of whom accepted, at a total cost of nearly �300,000.

Those who hold the remaining shares in the club will receive cheques within the next eight weeks.

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