Millwall Finances 2022/23

The Glorious Land

Millwall’s 2023/24 season did not play out “in any way how we had hoped or expected”, according to former chief executive Steve Kavanagh, as the club finished 13th in the Championship, which was their lowest position for five years.

That said, there was a strong ending to the season after club legend Neil Harris returned in February, first ensuring that the Lions avoided relegation, then culminating in five straight wins.

However, the season was overshadowed by the tragic death of owner John Berylson following a car accident. The American had been an exemplary owner, beloved by the fans for his leadership, passion and generosity.

Millwall’s finances had been pretty good during his tenure, which we shall explore by looking at the most recent accounts from the 2022/23 season, when the club narrowly missed out on a place in the play-offs after finishing 8th.

That was the fourth top half finish in a row in one of the most competitive leagues in professional football, despite operating with far fewer resources than most of their rivals.

Profit/(Loss) 2022/23

Millwall’s pre-tax loss slightly reduced from £12.6m to £12.2m, as revenue rose £0.8m (4%) from £18.6m to a club record £19.4m and player sales improved from a £0.1m loss to £2.5m profit.

However, other operating income dropped from by £1.1m from £1.3m to £0.2m, while operating expenses increased £1.7m (5%) from £31.6m to £33.3m.

The main driver of the revenue increase was broadcasting, which rose £1.1m (12%) from £9.1m to £10.2m, though match day was also up £0.4m (7%) from £5.8m to £6.2m. In contrast, commercial fell £0.7m (19%) from £3.7m to £3.0m.

Millwall’s wage bill slightly increased from £22.3m to £22.6m, while player amortisation rose £0.3m (19%) from £1.8m to £2.1m. There was once again steep growth in other expenses, up £1.1m (17%) to £7.8m.

Very few clubs make money in the Championship, so Millwall’s £12m loss was slap bang in the middle of the division, a lot better than many others, e.g. four clubs lost more than twice as much, namely Burnley £36m, Sheffield United £31m, Norwich City £27m and Birmingham City £25m.