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Millwall cuts its losses

 

Millwall Football Club has increased turnover and reduced operational losses in the last financial year.

Millwall Holdings plc has revealed that turnover has increased by 15% which in turn has helped bring operational losses down 22% for the twelve months up until June 2010.

In an attempt to further improve finances by reducing borrowings and interest charges, Millwall has made an Open Offer to all shareholders which could generate as much as £11.2 million for the club if all shareholders take up their entitlements.

Speaking of the offer Millwall Chairman John Berylson commented: "The purpose of the Open Offer is to strengthen the balance sheet of the Company, allow existing loans to be reduced substantially and to provide working capital for the football club."

"During this season 2010/11, we will increase our revenues by at least 65% as a result of higher attendances and commercial sponsorships but most significantly a greater share of The Football League central TV and sponsorship revenues.”

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