Dons land Colclough on loan from Wigan
The 21-year-old made a name for himself at Crewe making more than 50 appearances at the Alexandra Stadium, scoring 13 goals.
He completed a move to the DW Stadium in January, but has only made a handful of appearances for the Latics.
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Having only played twice this season, Colclough joins Dons for the remainder of the season.
Dons boss Karl Robinson told mkdons.com: “I’m ecstatic. He’s somebody who I tried to sign last season and has been one of our main targets for six months.
“He made his second-ever professional appearance against us and I remember watching his debut while we prepared for that game against Crewe.
“He can play off both sides. He comes from a club like Wigan, who play a similar style and he started at Crewe, which means he’s been developed properly.
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“He’s very direct. He’s aggressive in his finishing and I think he’s certainly someone who can make us a better team. He’ll make us more dynamic offensively, being a goalscoring wide player.
“I look forward to working with him.”
He is Dons ninth signing of the summer, after Ed Upson, Paul Downing, George B Williams, George C Williams, Chuks Aneke, Lee Nicholls, Scott Wootton and Kieran Agard.