Spring.Echo("\255\255\1\1This text is red")
Spring.Echo("\255\1\255\1This text is green")
Spring.Echo("\255\1\1\255This text is blue")
Spring.Echo("\255\1\255\127This text is Spring Green!")

function colorNames(teamID)
   nameColorR,nameColorG,nameColorB,nameColorA = spGetTeamColor(teamID)
   R255 = math.floor(nameColorR*255)
   G255 = math.floor(nameColorG*255)
   B255 = math.floor(nameColorB*255)
   if ( R255%10 == 0) then
      R255 = R255+1
   end
   if( G255%10 == 0) then
      G255 = G255+1
   end
   if ( B255%10 == 0) then
      B255 = B255+1
   end
  return "\255"..string.char(R255)..string.char(G255)..string.char(B255) --works thanks to zwzsg
end

playerColor = colorNames(Spring.GetMyTeamID)
message = playerColor.."This text is the same colour as me!"
Spring.SendCommands("say "..string.format(message))

function color2incolor(r,g,b,a)
    local colortable = {r,g,b,a}
    if type(r) == 'table' then
        colortable = r
    end
    local r,g,b,a = unpack(colortable)                     
    if r == 0 then r = 0.01 end
    if g == 0 then g = 0.01 end
    if b == 0 then b = 0.01 end
    --if a == 0 then a = 0.01 end --seems transparent is bad in label text
    a = 1
   
    local inColor = '\255\255\255\255'
    if r then
        inColor = string.char(a*255) .. string.char(r*255) ..  string.char(g*255) .. string.char(b*255)
    end
    return inColor
end