Four months after becoming caretaker, Cyril Lea was appointed full-time manager with Stewart Houston assisting. He lost Ian Allinson to Arsenal on an infuriating free transfer following an administrational blunder at Layer Road.

Always in touch with the leaders United embarked on another League Cup run. Securing a fine 1-1 draw at Second Division Swansea City, United Chairman Maurice Cadman pledged that if more than 5,000 attended the second leg at Layer Road that he would give Lea funds to buy two more players. The U's beat the Swans 1-0 in front of 5,204 and his promise was underwritten when Colchester drew Manchester United in the Third Round on 8 November 1983. The 13,031 crowd would be the last-ever five figure gate at Layer Road and the slick Red Devils ran out comfortable 2-0 winners.

As had become the norm U's form tailed off and they ended 15 points adrift of promotion in eighth place despite Tony Adcock's 33 goals. Frustrated by his Board's attempt to fund promotion that continually ended in close failure, Cadman announced that win bonuses would be dropped for the 1984–85 season with an insurance-backed promotion bonus on offer and the club was available for sale at £150,000.

Attendances continued to fall and a new low of 1,226 watched the 3-0 win over Torquay on 28 April 1984. Micky Cook, who had set a club record 613 appearances, and Steve Leslie both retired through injury.

Note: Flags indicate national team as defined under FIFA eligibility rules. Players may hold more than one non-FIFA nationality.

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