Millwall chairman John Berylson has further reinforced his long-term commitment to the football club by agreeing, through parent company Chestnut Hill Ventures LLC, to convert £10,000,000 worth of debt owed by The Lions, which will be satisfied by the issue of B Ordinary Shares of £1 each.
The move strengthens the club’s financial position as it looks to build on a positive and memorable year with further progress and success on and off the pitch in 2018.
In his report into the proposed development of Surrey Canal Triangle/New Bermondsey, published in November 2017, Lord Dyson incorporated a letter from property company Renewal to Lewisham Council in 2011. In that letter, which Millwall had never previously seen, Renewal cast doubt on the financial strength and stability of The Lions and even suggested to the Mayor that the club could go into administration at any moment.
Berylson remonstrated with Lord Dyson in a letter earlier in December 2017 and challenged Renewal’s ill-considered and unanswered amateur assessment of the financial position of the club. Lord Dyson chose not to address that particular complaint by the chairman, even though it had been pointed out that such statements appearing in the public domain could do considerable damage to the reputation and financial standing of Millwall.
Actions speak louder than words and the considerable strengthening of the balance sheet is a clear demonstration of the support that Millwall enjoys from its principal shareholder. By contrast with Renewal plc, whose shareholders remain opaquely based in the BVI and the Isle of Man beyond the scrutiny of full financial due diligence, Millwall’s shareholders remain open and transparent to any due diligence process that Lewisham Council may wish to initiate as it decides how to progress the much-needed development of the New Bermondsey site adjoining our stadium.