Struggling Millwall slump to loss

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The Independent Online
While Manchester United go from strength to strength, lowly Millwall continue to struggle both on and off the pitch. The group company Millwall Holdings slumped to a pounds 376,000 loss in the six months to November 30 due to the absence of cup runs and investment in the team.

The company said the full-year result would depend on the progress of the team, which is currently mid-table in the First Division. The loss compared with a pounds 113,000 profit in the previous year. Receipts from transfer fees were pounds 1.2m compared with pounds 2m in 1995. Millwall said the rise in turnover to pounds 1.9m (pounds 1.5m) reflected the club's success early in the season.

Millwall have decided to diversify into communications and leisure. The new chairman, Peter Read, has brought in Graham Robson, former chief executive of Dalgety consumer foods, as chief executive. The shares fell 0.5p to 2.75p.