Colchester United Football Club is back up for sale after an acquisition by a United States-based consortium was called off.
The League Two club announced on Monday it was inviting “all qualified investors to bid” for its purchase.
It comes after the sale to Lightwell Sports Group fell through in June after it was “unable to get the deal across the line”.
Robbie Cowling, the club’s owner and chairman, said he was “seeking to pass the leadership to a new generation of management”.
“The past 19 years have been quite an experience for me and my family, but the time has come for someone new to take on this wonderful challenge,” he said.
“However, my final job as chairman is going to be my most important one as I seek to find the right long-term steward for the club.
“I want my last decision for the club to be my best decision for the club.”
Tim Foley, the head of the US consortium, said that while the deal had not been agreed in the summer, it did “not necessarily mark the end of our interest in the club”.
Mr Cowling said he was looking for an owner “with both the weather and financial commitment” to invest in the club both on and off the pitch.
It is expected that the next owner would acquire full control of the club, with no debt.
David King, Liberal Democrat leader of Colchester City Council, said he would work to help the club thrive.
“We’re proud to support Colchester United – a club that plays a vital role in our city’s sporting and community life,” he said.
“As the club looks to the future, we’re committed to working with new owners to help Colchester United thrive.”