Millwall FC aims for ‘sustainable success’ with new loan facility
Millwall Holdings PLC has agreed an increased loan facility with its majority shareholder Chestnut Hill Ventures amounting to £20m until July 2015 to fund ‘sustainable success’ at the Championship club.
The facility consolidates current outstanding loans of approximately £11.5m and provides the Company with sufficient working capital to fund day-to-day operations and likely investment in the regeneration of the immediate area surrounding The Den over the next few years.
Chairman John G Berylson, who also runs CHV, commented: “This shows our continued commitment to Millwall FC. We have stated in the past that we see this as a long term plan and I am delighted the Club continues to make progress both on and off the field.
The regeneration of the surrounding area at The Den and our commitment to the Millwall Community Scheme shows that we are here to stay and want to achieve sustainable success.
Too many clubs in the past have gone through boom and bust in their attempts to get to The Premiership. Millwall is committed to getting there in a sensible way that doesn’t threaten the Club’s long-term viability. Developing The Den and our surrounding area will help to future proof our prospects and success.
The Club is benefiting from a long period of continuity. We have one of the country’s longest serving managers in Kenny Jackett who has just marked his 5th year in charge of the team. We are also looking forward to next season when we celebrate 20 years at The Den in Bermondsey.”
The Financial Statements of Millwall Holdings PLC for the year ended 30 June 2012 have been sent to shareholders of the Company. The results for the year show an increased loss from operations to £3.95m compared with a £0.60m loss in the previous year. The principal reasons for the increase in the loss are the reduction in profit arising from the transfer of player registrations of £1.48m and the increase in player related costs of £1.90m.
John Berylson added: “The results reflect how difficult it is to compete at Championship level especially in regard to building and financing a squad capable of being successful in a very tough league. We have a sound and competent management team that is both ambitious and responsibly cautious.
I am delighted at the progress we have made and would like to pay tribute to everyone involved at the Club for the hard work, commitment and support. I look forward to further progress both on the field and in regard to the regeneration of the area surrounding our stadium.”