Cup run gives Lions £3.2m boost

Millwall today announced one of their best ever financial results with a pre-tax loss of just £103,000 in the past financial year.

The Championship promotion hopefuls and UEFA Cup contenders wiped out £4.5 million of debts, thanks mainly to shrewd fiscal management and their FA Cup run.

Turnover for the year ending 31 May 2004 increased to £10.2m, compared to £6.5m for the previous year, and net debt has been reduced from £2.5m to just £845,000.

The club reached the semi-finals of last season's FA Cup, a run which generated £3.2m in turnover in increased gate receipts, prize money and television fees.

Home league attendances also increased to an average of 10.400, up from 8,900 the previous year.

Chairman Theo Paphitis said: "Whilst there is no guarantee of generating this level of income every year, it does justify the board's strategy to invest in a strong squad. Promotion to the Premier League, our goal, is one of the most lucrative prizes in world sport and is estimated to be worth £30m."

In his annual report, Paphitis reiterated his intention to stand down as chairman at the end of the current season.

"This is a decision I have not taken lightly. With the increased demands on my time from other interests, I feel that the time is right to hand over the reins."

Meanwhile, Millwall have sent defender Joe Dolan on loan to non-league club Walton and Hersham for a month as he attempts to recover full fitness after four years of injuries.

New striker Barry Hayles should make his debut for the club away to Ipswich on Sunday while Kevin Muscat could return from injury.