MILLWALL have posted a loss of £9million for the 2013-14 season – an increase from £4.4m in the previous year.
In a report released today, the Lions explained that a fall in competition prize money and a growing wage bill were behind the rise.
The club's accounts for 2012-13 were swelled by the proceeds from a run to the semi-final of the FA Cup.
But last campaign, revenue fell by almost 20% from £12.8m to £10.5m.
Staff costs rose to £13.9m from £12.1m – owing to the termination of Steve Lomas' contract, Ian Holloway's appointment and the use of 40 players during the year.
There was a 20% decrease in match-day revenue despite an increased average attendance of 11,182, while retail sales dropped by 13.4%.
Millwall donated the branding on their shirts to Prostate Cancer UK, meaning there was a 28.9% drop in advertising and sponsorship revenue.
But income from non match-day conferencing and events was boosted by 33%.
The Lions spent £823,000 recruiting players, receiving £369,000 in sales.
In addition to the £9m operating loss, the club's financial expenses totalled £2.8m, meaning there was a total loss of £11.7m.