Mark Fairbrother, Millwall Managing Director: ‘Is This The Most Misunderstood Club in Football?’ (Ep75)

24 Jun 2025 · 1 h 12 min

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Podcast Episode Notes: Business of Sport - Mark Fairbrother, Millwall Managing Director: ‘Is This The Most Misunderstood Club in Football?’ (Ep75)

Episode Overview

  • Guest: Mark Fairbrother, Managing Director of Millwall Football Club
  • Theme: Exploring the contemporary identity of Millwall FC amidst historical reputations of hooliganism and social unrest.
  • Context: Millwall's significant performance in the Championship, finishing 8th and fighting for a playoff spot.

Key Discussions

The Millwall Identity

  • Understanding Millwall's Reputation:
  • Historical associations with hooliganism and media portrayal.
  • The challenge of shifting public perception while maintaining club values.
  • Club Philosophy:
  • "No one likes us, we don’t care" philosophy viewed as both a challenge and strategic asset.
  • The importance of embracing history without being limited by it.
  • Changing Perceptions:
  • Building a community-focused identity beyond the club’s past.

Running a Championship Club

  • Financial Stability vs. Competitive Edge:
  • The necessity of balancing short-term results with long-term financial sustainability.
  • Player trading and squad investment strategies within limited budgets.
  • Media Rights Impact:
  • Analyzing the effects of recent media deals (Sky) on clubs like Millwall.
  • EFL Sustainability:
  • Concerns over financial disparities making competition increasingly difficult.

Football Business vs. Football Culture

  • Emotion vs. Finance:
  • The pressures of running a club where emotional investment is high but financial margins are tight.
  • Managing Fan Expectations:
  • The challenge of aligning fan aspirations with fiscal responsibility.
  • Misconceptions About Club Operations:
  • Addressing common misunderstandings fans have regarding financial operations of clubs.

Millwall’s Future

  • Defining Success:
  • What does success look like for Millwall? Promotion, survival, or something else?
  • Investing in Growth:
  • Infrastructure development, community engagement, and cultural initiatives as vital growth strategies.
  • Ambitions:
  • Competing against financially stronger clubs while remaining true to core values.

Community Engagement

  • Building Relationships:
  • Importance of community initiatives and engaging with diverse local populations.
  • Youth Development:
  • The role of the Millwall academy in nurturing local talent and providing opportunities for youth within the community.

Financial Insights

  • Current Financial Performance:
  • Historically, Millwall has operated with smaller losses compared to peers in the Championship.
  • Future financial outlook suggests potential for the first book profit in 20 years due to player sales.
  • Sustainability Challenges:
  • Despite being one of the better-managed clubs, the financial realities of losing money remain a concern.

Mindset and Leadership

  • Leadership Philosophy:
  • Fairbrother emphasizes the need for pride in the club's achievements and community focus, rather than shying away from its past.
  • Risk-Taking and Innovation:
  • Encouraging a culture of trying new initiatives and adapting business practices for better engagement and financial health.

Conclusions

  • Millwall FC is aiming to redefine its identity and reputation through strategic community engagement, financial sustainability, and a commitment to embracing its history while focusing on the future.
  • Mark Fairbrother's leadership is characterized by a blend of financial acumen and an intent to foster a positive relationship between the club and its community.

Call to Action

  • Recognition that football clubs like Millwall are evolving and deserve the opportunity to showcase their current identity and contributions to the community. The episode encourages listeners to reconsider preconceived notions of the club based on its historical context.

Acknowledgments

  • Special thanks to podcast partners:
  • RUNNA: Digital fitness coaching platform.
  • Revolut Business: All-in-one account for business finance efficiency.

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This document outlines the significant themes, discussions, and insights from the episode featuring Mark Fairbrother, providing a comprehensive understanding of Millwall FC's current stance and future ambitions within the football landscape.

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Transcript

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0:00There's the competitive balance between being financially well run and competitive. When you're in an environment where everyone is increasing spend and everyone is out for the best players, you have to compete. This year we had two player sales and unfortunately for championship clubs, that is the only way you can build sustainability from a P &L point of view as it stands. Unfortunately, some people like to pick up on us as a negative. We know that we're a brand that people will enjoy kind of attacking. Now it's like, let's be brave. Let's put our head above the parapet. If they want to attack us, you can attack us and go, well, I remember such and such on Panorama in the 70s.

0:33get over it. That's 40 years ago. There's a lot of things that we do as a club that are the right thing to do. We just need to be proud of it. Don't go, we can't talk about it because people throw hooliganism from the 1980s or throw this match at us. We've got to acknowledge that people will always use that until you change that mindset and prove enough times that what we do is something special. And we've probably not shouted enough because we've been embarrassed that people will attack it and we shouldn't be. Hello and welcome to The Business of Sport, the show that takes you behind the scenes with the industry's leading owners, operators and athletes.

1:08This week we're delighted to welcome Millwall's Managing Director Mark Fairbrother to the show. This is a football club that many people both in and out of football have a preconceived idea about, built around historical associations with hooliganism and social unrest. These perceptions are rooted in media portrayal, cultural symbolism and socio-political factors, rather than the club's present-day values. So what does the Millwall of today represent and stand for? Off the back of a hugely successful championship campaign, which saw the club fighting for a playoff spot on the last day of the season, Mark is building both a club that can push the boundaries of its modest budgets, comparative to their competitors, of course, and act as a pillar of the community.

1:46Football clubs are more influential than ever to the people that support them and to the localities they serve. This is a club going a step further. We're very excited to bring you this, an insight into one of England's most notable teams intent on rooting itself high up the football pyramid. We're delighted to welcome Mark to the business of sport. But first, some words from our valued partners. This is digital fitness coaching at its peak. I'm so excited for us to partner with Runner, a relationship that's going to get us all up and out there, me included, pacing the streets, woodlands, parks, beachfronts, but backed up by elite level insight and accessibility.

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3:33Every business hits those big turning points when efficiency is the difference between make or break. Revolut Business makes your finances efficient, helping you manage team expenses, control spend, and expand into new markets, bringing everything you need into one place. We heard on a recent show how Revolut have partnered with Manchester City Women to create cutting-edge partnerships, and I'm delighted to say that they haven't stopped there. We've teamed up with them to offer a special offer for our listeners, and if you're new to Revolut Business, you're in luck. Open a Revolut Business account today using the link in this episode's description, add money to your account, and get a£200 welcome bonus.

4:10Pay and get paid globally in over 30 currencies with no hidden fees and at great rates. Automate expenses, set custom card limits and Simplify Financial Admin, all in one powerful platform. You'll be ready for whatever's next with this account that's designed for efficiency and built for business. Click the link in this episode's description to sign up and get your£200 welcome bonus. This reward is only available until the 7th of July 2025. New Revolut business customers only, feature availability varies by plan, fees and T's and C's apply. Mark, thank you so much for joining us. Welcome to the Business of Sport.

4:50No, thank you for having me. Look, I'm going to go straight back to what we were just discussing before we came on air and say I'm really excited because we have a top-level executive with a finance background and a business where we talk about the finances of sport. Brilliant. Who's coming in there? Well, exactly. I mean, look, there's no better place to start than understanding that background. How's that impacted how you kind of operate? Oh, it makes a huge difference. I mean, in the championship, all of us consistently lose money so we're all solely reliant on the goodwill of our ownership groups and having that background to actually look and challenge on financial assumptions especially on a cost basis look at how we can keep our costs under some form of control and discipline it's so important and you need that discipline and that mindset to just sometimes temper the excitement especially when it comes to players to go this will be the impact from a cash perspective from a p &l perspective obviously from a regulatory point of view with profit and sustainability or financial fair play.

5:44So actually understanding those rules that come in because these are kind of strict rules that are in place to control our behaviour and we need to make sure that we understand them. So having that kind of background gives you that, I suppose, perhaps a head start just in terms of understanding them. How does football compare to the other sports you've worked in? You've done time in rugby, you've also spent time in Formula E. Yeah, I mean, obviously the market for football is so much more, the potential is so much more and say you look at rugby. In the UK, you haven't got a huge variety between the biggest and the smallest clubs, whereas in football, you can go from non-league up to Premier League and that's 200 million difference in turnover and even more when you then get into the European competitions.

6:25I think that the finances are so much more stretched in football in terms of the variety between the bigger and the smaller clubs, but also it is incredibly competitive landscape, which is something that's really important, whereas rugby union is pretty much a close four at the moment. no relegation and promotional, very limited. And Formula E, again, it's 11 teams. So there's barriers to entry for new entrants. And also you are trying to build your own product separate from other motorsport series. The finances of football clubs, of course, as the name of the show suggests, things we talk about all the time.

7:01And profit is not a word that we ever really hear. Sustainability is a word we hear quite a lot, but it's often in the guise of sustainability while losing money, which, you know, In the essence of the term is not sustainable. What's the performance of Millwall financially been like over the last few years? I think we've always had one of the, I suppose, smaller losses in the championship. So we've always been seen as being well run. And I think that's obviously something that's been in place for the last probably 10, 15 years. But what we're seeing is there's the competitive balance between being financially well run and being competitive.

7:34And obviously, when you're in an environment where everyone is increasing spend and everyone is out for the best players, you have to compete. So the last couple of years, our losses have increased. When you look at the rules we operate in, we've got significant headroom. This year, we've had a couple of player disposals. So it may be our first profit in probably at least 20 odd years this year as a book profit. Obviously, that doesn't kind of correspond to a cash profit, but actually from a year one of kind of our new approach, actually to have a book profit will be a huge achievement. But it also reflects the fact that we had two player sales.

8:10And unfortunately for championship clubs, that is the only way you can build sustainability from a P &L point of view, as it stands at the moment. We call it the football lottery all the time. Yeah, because it's the things I guess you can't plan for at the start of a season, right? You're not going to build your budget around selling some players and being able to... I'm sure some clubs do, but... Which is part of the problem. Yeah, because... And you see some clubs make a business of it. Obviously, there's other clubs we talk to who've got 80, 90, 100 million of sales of their academy players over the last 15, 20 years.

8:41And you can see that that's something that they build in and they know that they'll lose that talent. For us, it's very much we're on a slightly different journey to them. We know that that's part of our model, but at the same time, we want to reinvest and always look at building back better so that we can keep pushing at the table. Because last year, it was 21.4 million revenue against 19.4 million loss, operating loss. We talk about owner financing and how you make that sustainable, but also trying to remove the reliance on the individuals who own the club financially and create a business if they weren't there that would still be able to stand on its feet.

9:15frighteningly you mentioned that you're in a better position or should we say a better performing club than a lot of clubs in the championship but that's still a huge loss yeah yeah it's nothing to be proud of to say you're kind of one of the better ones out of a group when you're still losing 20 million and for us that was a big reason for a lot of changes we made as a club last year and obviously one of the reasons I was asked if I'd come back and when I was asked it was one of those questions you go i think for about three seconds ago yes of course of course i will um because you can see the potential and also as a club we're very lucky we've got a family that have been involved with the club for over 15 years now it's a big part of their of their lives and we were over in boston at the end of the season and spending time with james who's our chairman and his mother obviously who was the wife of our former chairman who passed two years ago and actually it's a family interest they've all got a vested interest in the club success but also So they've put significant amounts of money in during this time to keep us competitive, to keep us going.

10:16And actually, my job, and not just my job, the other senior team at the club, it's our job to build some sustainability, build some improvements in there so that actually we reduce our reliance. If we can reduce that going forward, if we can get that to 50 % of previous levels, then it's a comfortable position that actually, if we then choose to spend more on players or spend more on facilities improvement. It's a conscious decision rather than having to choose between paying the bills or buying a player or investing in the infrastructure. You just had a really great season, right? Finished eighth in the championship, nearly made the playoffs, if we can say.

10:55Two minutes in the playoffs. Two minutes in the playoffs, but not far off at all. How much does the performance on the pitch impact the success of the business? Obviously, they're inextricably linked. Obviously, we saw it as the season went on. With Alex Sneal coming in, obviously we picked up Foreman. That drives a lot of interest from fans, so that drives attendances. We saw that with season ticket renewals for next year, our record level of season ticket sales in our early bird window, which sets us up for success next year. And hopefully that then obviously will dovetail into what we're doing this summer in terms of kind of the player recruitment that we're working through at the moment.

11:29But what you need to try to do and what every club's trying to do is how do you I suppose de-risk from success on the pitch directly impacting on attendances directly impacting on sponsorship that's a really difficult challenge and that's not just for championship clubs that's across the league that you look at clubs in the Premier League and it is still linked to success obviously that will drive TV revenues that will drive sponsorships and for us it's what can we do that is a bit different from others how can we actually take a risk do something that's probably not seen as being very millwally to actually go well we'll try something we'll try a new product we'll try something that actually it might work if it doesn't work we learn from it we learn at the parts that work and we do do something different but um i've said to everyone let's take risks let's try and do something different now because if you do the same thing you get the same result you just said something that's brilliant but i'd love to understand what you really mean by it you said very millwally yeah i mean we're seen as being obviously one of the smaller clubs in the league and people say well it's quite traditional we don't do this we don't do this and especially from people on the outside will attack us with normally fairly kind of limited uh blinkered views on us based on what's happened in the 70s and 80s and actually it's when we say to everyone come and see what we do come and see the stuff we do in the community come and see the fact that we are trying to do things differently from a kind of a other peers within the championship and i think that's when people don't expect that from us because we've probably been seen as a fairly safe bet a fairly stable club that doesn't try and rock the boat it's like let's let's have some fun let's try some different things and see see what what sticks because if you look at your business or the business of football clubs in the championship you've got some revenue streams that are in your control and that you can build independently you've got others that you benefit off should we say centralized pillars so things like media right and the distribution that comes from the EFL how are you managing both of those when it comes to the creativity, I guess, as you said, that you can work with, but also then knowing that you've got the nice thing, which is a guaranteed source of revenue coming from central body.

13:32Yeah. I mean, that central revenue, we obviously understand it straight at the start of the year. We know what that, obviously, our obligations are on there. We know what that, I suppose, limits us in terms of where we can do our own thing. But then where we've got kind of market segments that aren't covered by central contracts with EFL or whoever, let's look at what we can do there and let's look at how we can kind of i suppose exploit them for the benefit of the club and that is it may be driving revenues it could be driving fan engagement it could be driving even things like social media valuations so one of the things that we put in place this year is tracking the valuation of our social media because that will be important in the future when it comes back to propositions potential partners and sponsors to go this is the value of what we put out as a business this is how we can prove the return on investment for you And again, from working in a different sport last year where there's not that emotional attachment to the sport, everything was very scientific in terms of the value you're receiving for any euro you're putting into the sport.

14:34You need to be getting X back. And so we're starting to look at how we actually deliver the same sort of information that sponsors could ask for. Because again, that's something that will flow through the market. And if we can demonstrate that we can give a good return on any investment, then it puts us in a stronger position than anyone else. As a portion of that 21 odd million, how influential is commercial as a percentage? I suppose it's what you call commercial. So commercial, ticketing, hospitality, and then through to sponsorship, advertising. And that is at least probably match day would probably be about a third, central about a third, and then commercial and other activities probably about a third again.

15:13And developing it now, do you see sponsors, partners, companies that are building those relationships with you looking at success in different ways, how they're measuring what they're getting from you? Yeah, I think we're very lucky. We've got a mixture of local partners who are fans as well as obviously some larger brands. So Mike Guava being our new principal partner for this season, obviously their financial services. So for them, it's very much about brand awareness. But we've been able to obviously understand what they want to actually deliver back in terms of how we deliver the sponsorship rights and how we promote their brand and how we work with them.

15:47and i think that's a learning curve for all clubs is actually asking rather than saying do you want to be on the front of our shirt you will get four tickets in our hospitality you'll get this this and this it's flipping that conversation to go what do you want out of this and i think that's a very different mindset and it's one that luke is our chief commercial officer has really driven into the team over the last 18 months or so and it's it's vital because i think the days of just going out to someone and going, give me X and I'll give you Y, they're gone. And the performance side, when you're finishing, I guess, higher up the league, it's always great.

16:22You can go back and you can go, look, we're delivering here in places that we're either happy or not with. And if you're not, then you're still building off a solid level of performance on. Completely. Obviously, you get things like more televised games. You obviously get higher interest. You'll get more press coverage. You'll obviously get a higher, I suppose, penetration rate of any social media. So it's all self-fulfilling in that respect. I realise I probably fell into the maybe slightly Millwall-y reflection in how I was talking about your season because I said it was a great season. And, you know, but that's jumping the gun a little bit because you may say, no, do you know what, Charlie?

16:54We really wanted to be in the playoffs. We thought we should be. And so just in that, you know, how do you view the success or disappointment of the last year? Yeah, I mean, I think for all of us, with the way the season ended and the runner form we took into the last third of the year, I think everyone was over the moon. I think we had a decent start. We actually saw a change in performance under Neil Harris. He changed the way we were playing. We were scoring more goals. middle of the season we had a bit of a dip obviously Neil decided to leave which was obviously it's disrupting obviously a real challenge for us but because of the time we'd had with him and because of his time with the club it was actually one that he gave us plenty of notice so we could actually look at how we built back from there Alex came in it took him a bit of time to hit the ground but actually towards the end of the season I think we were pretty much the form team which is really really positive going into next season and one of the things the big challenges for Neil and for Alex this year was last year we had the oldest squad in the league and it's one of those things that we have to make sure it's one of the challenges we're working on for next season is we need to have that balance between senior players who have a number of appearances in the championship especially and younger hungrier players you look at Sunderland for example two years ago really struggled with the youngest squad in the league last season promoted through the playoffs so you can see that actually once you've built that resilience in there it's there we had to address the fact that our average match day 20 last year was the oldest by some way in the championship great for experience but obviously you can't then go toe-to-toe with a Sunderland to our five years average younger with I suppose a lot more pace and a lot more dynamism in the way they're playing so that was a big challenge at the start of the year we've changed that with the player recruitment and we're starting to see that paying off we're starting to see a big batch of exciting players coming through our academy but also that we've signed this year and that's that's part of our kind of strategy for how we're going to succeed going forward because you've been in the championship now nine is it nine nine ish yeah since um 16 17 i think yes when we were promoted through the playoffs so i guess it is to that point where you build an amazing group of players probably around that who now have huge experience within that environment but you need to keep trying to add to it in the right ways to push for what you want to hopefully progress towards.

19:16Yeah, and obviously that's using a lot more science all the way through the club as well. So we're using a lot more data to help with decision-making. But a big part is looking at the types of players that we're bringing in going, actually you do need not somebody who's, I haven't played 700 games for Millwall, actually going, well, somebody who's played 300 games in the championship will know what the championship is. That player's worth their weight in gold. But the problem is there's 24 of us all looking going, we want that player. And there's probably a few Premier League clubs also looking so it then gets competitive which also then means we have to spend more and this year we've spent record levels on new players um what is it roughly i'd be over 10 million in total which for a championship club is significant we broke our transfer record twice this year but that's from a much lower basis than others obviously you see some clubs in the championship with boom and bust and league one and league yes so unfortunately that's still less than maybe one league clubs played on one player but for us that is significantly more than we've ever spent but that's with recycling a few players through but also the need to actually bring in talent that will serve us for now serve us for next year and serve us hopefully as part of our plan to get in the Premier League and are you making those calls on transfer spend as a result of the market that you're trading in I'd imagine having to sign off on this you're looking at what it does to the wider business how tough are those decisions when making a call whether to push the button or not I guess on a on a deal but also on the continuation of that deal remembering that I'd imagine wages and the whole package is often a lot more than what that initial number is it is obviously difficult they're big numbers and you do work through the impact but again I think one of the things that works really well is our director of football who joined when I joined and the chairman of myself I'll spend a lot of time going through that, plotting it through, understanding the implications of any decision.

21:08And actually, we've got a couple of deals that are progressing very well at the moment. And actually, we go in with our eyes wide open. The chairman understands the implications. And it's my job to go, look, this is the impact on cash now. And actually, it may be that if we can't negotiate that term for that date, there's a cash obligation from the family on this date. But actually, that's just probably bringing it forward two or three weeks. So there's a lot of thought that goes into, I suppose, how a deal is structured to mitigate any additional cash calls outside of our original plan. What's the transfer process?

21:41For fans, it seems like we wait on Twitter or X or other social sites for, I don't know, said journalists to be breaking big news. And then suddenly you get quite a quick turnaround to either deal being done or not. for you as chief exec or managing director what's the process like before a deal actually gets you or a player comes to you what work goes on behind the scenes to identify our targets we identified some of them we've identified for the last year so it's obviously looking at those that we would be targeting this summer so there's a lot of data work so i think it will initially be the searches the data searches and then on to video scouts then on to physical scouts so there's probably 30 40 pieces of evidence for each of our key targets as it stands at the moment and then it will be into right let's start pushing the deal approaching the clubs but then every single point is a negotiation every single you can't move for having to negotiate just on obviously the total amount and then the payment terms and then the contingencies but then it may be we don't want that contingency well i want this much more in this amount how about if we change the payment terms if you pay us this we'll reduce that so even just to get an agreement with the club is a lot of toing and throwing um because again different clubs have different requirements in terms of when they need the cash how they want to report it and then you're into the negotiations with the player and his representatives and that is very much the same sort of thing of going there's a thousand different kind of boxes to tick and once everything's in agreement and some some are easy some it's a case of especially now we had a few in january signed eight players in january we had a very busy january transfer window but a lot of it was born out of we've remained essay leaving us to crystal palace a lot of players he spoke to a lot on our behalf and said what's going on here is really good it's really positive actually the club's moving in the right direction and they're doing a lot of work on it the infrastructure they're doing a lot of work they're gearing for success so that was a big thing in getting people i suppose selling selling us to players because again it's like anything you're going to a new employer you need to understand if it's the right fit for you you need to understand the right culture and what your workplace is going to be like so having a player leaving us going to the premier league but a massive advocate for his time from being 12 years old all the way through with us has paid dividends massively and is the plan always if you have a sale like that to ensure that you invest a significant portion of that back into the playing squad yeah yeah and that's and that's what we did in January.

24:15We bought, obviously, a lot of the players we bought were probably earlier than we would have planned, but they're invested in for success. And hopefully, this coming season will be breakout seasons for a number of them. But we did also then break our transfer record, go into Europe to replace with Negli, who unfortunately got injured as the season went on. But again, we'll be back in pre-season, and I think everyone's really excited what he will bring to us. Yeah. I mean, balancing the new signings with what you've got in a team, I guess, is you bring eight players in. Is that a real challenge for a manager at the same time as it is a great opportunity to make sure that you maintain those values within a team?

24:55Obviously, it is a challenge when there's so many. One of them was returning. He'd been with us as a youth player before going to Glasgow Rangers, but then came back. And again, that was a big coup for us in terms of, and he was really keen to come back, rejected an offer from Rangers to come back to us. So we had that kind of, I suppose, inbuilt goodwill from players already. But also with a new manager, he was instilling his way of working. He wanted to instill kind of his vision for success, which having new players come in helps to just refresh that. And actually, everyone, in effect, is in a new environment with a new manager who came in literally just before the chancellor window.

25:31So actually, I think that timing probably worked quite well for us just in terms of building those relationships. But also then, thankfully, we turned a corner in January in form, had a couple of brilliant results against teams that we're probably looking at going, if it goes wrong, we want to be in and around those areas. And then, yeah, we just went on a fantastic run. And yeah. How do you find the communications when you sell a major asset, you sell a great player that you have naturally to a Premier League team? So there's always the case to fall back on of just career progression, but obviously to a major rival.

26:05as well. Communications with fans is always key. How does that kind of fall into your thinking when making these business decisions and ensuring that I guess you can mitigate the fallout if we want to call it as much as you can? It's a difficult one. We've had it recently obviously with some of the players leaving us at the end of the season. We've made contract offers but again when players are out of contract it's very difficult. When we value their contract for the future seasons it's up to them. It's obviously their career that they're choosing for. So those are difficult ones and obviously we unfortunately like everyone you spend far too long on twitter on the train in the morning i'm on for an hour and i probably spend three quarters an hour of it looking at twitter going oh my god oh my god oh my god and then you just go actually let's cut through the chatter and obviously people post things on twitter without fear of consequence but we are conscious that we need to be as open and transparent as we can however you can't always say to people we're just about to sign x and y because we do that and then everyone in the in the world and his wife know about it and then the next thing you know he's signing for another club so i think for us it's it's trying to get that out there quickly but one of the things that on the football side our director football is very we've had him talk to fans a number of times we've put out videos so that he can talk to the fan group and say that this is what we've been doing this is reflecting back on each transfer window but then also it's just simple things like and we never ever did it when i was here previously but we're signing a player 15 minutes before we announce it let's send a note to out to all the staff even as long as it's out beforehand because that's that's what we're finding was actually probably the worst thing was fans would obviously find out instantaneously and if you're doing it during the middle of the day they're then phoning say the ticket office talking to a member of staff who has no idea we've signed a player i mean it just makes us look dysfunctional so it's a big thing of sharing that news to to the staff and And that's something I've put in place a lot of this year is talking to all the staff about how we're doing as a business.

28:01We've got our first ever annual conference in two weeks, which is - Bringing all the staff together. Yeah, from all of our sites and our community trust. And it will be reflecting back on last year, but it will be showing them this is where we're at financially, looking forward to next year's budget, reflecting back on KPIs from last year, which are our first ever year of doing them. but actually just being as transparent as we can be going this is the targets and measures for success for next season this is where we're going to aim for this how many points we want to amass on the board in the championship and that's all set out now for the next five years in terms of how we're going to build for success and then actually talking to the staff about our business model in a lot more detail so that everybody understands and i think that's the right thing it's like when when you're cloak and dagger with staff how can that motivate people to actually sharing kind of the common goals.

28:50Thinking about that in the future and you know transfers and being better business in general how do you prepare for the new kind of squad cost player ratio 85 % of revenue being obviously now a much much more influential part of how companies and clubs are really going to be able to run in the league? Yeah well I mean again I think like probably all of us have been doing the same thing you've been scenario planning through looking at the current squad looking at headroom we've got so we know what the headroom is based on I suppose a couple of different scenarios with our own business model but then for us it's very much how do we keep growing those revenues what are the other income streams that we can bring in that we perhaps haven't looked at before even if they're not going to bring in they're not going to solve world hunger they're going to bring in small incremental amounts but can we do 10 of those all of a sudden has a material impact and then longer term for us is around our property development and our new sustainable income stream that will bring in that will give us hopefully a sustainable competitive advantage against the clubs who are competing against.

29:47Would you say it's pushed you to look at different things quicker than maybe you would have done? No, I think it's something I've said to everyone from day one of coming in. Let's try different things. Let's look at new partnerships. Let's look at things that will unlock revenue. So this year we had a new partner and in effect we conjured a lot of their partnership revenue with new floodlight installation. That was needed. That was long overdue needed as an infrastructure improvement. But again, on one side, we've got a capital spend. One side, we've got an income stream. So actually, for us, it's enhanced what we've got.

30:19It's improved our match experience because our lights are almost now ready for the Premier League. Obviously, we've got additional lights to put in when we get there. But at the same time, everything's built that we can just bolt on a few extra lights rather than... And again, I think looking at, say, Luton Town last season, the amount that had to spend in the premier league to obviously get kenilworth road premier league ready so let's look at that as one challenge in itself how do we get the den so that it's as good as it can be to go on day one of the premier league but also how do we do that in the rest of the business and then how can we do that in a way that actually is a bit more not creative because that always always uses a negative word in finance but how do we actually do things that are not just simple we'll go and purchase from you and then we'll hope you'll buy something front back it's like let's look at how we actually drive new income streams on that what makes light premier league ready wattage pretty much yeah it's obviously the the lux levels all the way through the pitch so ours were i think ours were 30 odd years old so even for the championship what we were finding was obviously they're deeply inefficient costing a fortune electricity people having to go up there week in week out to replace bulbs the bulbs are getting more expensive and harder to source.

31:35And the fear was we'll be on eBay in a few months bidding against some random club in Holland or something for 40-year-old bulbs from another stadium just to keep replenishing what we've got. So that's a big thing for broadcast as well because the higher the strength of the bulbs, obviously it helps with things like the LED boards. It stops the flickering. So it's helped reduce that. But also it just means that when we're promoted, we just put the extra lights on. Obviously that will be needed for VAR and all of those things. that are those hidden costs of promotion, but having it so that it's, I suppose we're 70 % of the way there and then it's bolt on the additionals when we are there.

32:14You touched a major way of building income and increasing the wider business value is the infrastructure. Yes. You have an amazing historic ground. And as we've seen across football, these are often quite vulnerable when it comes to looking at how you really develop a lot of the business lines in the club that may be slightly away from the performance. What's happening at the club around the den and looking at how you're trying to develop, I guess, the infrastructure at your disposal? Yeah, I mean, there's probably two things on that. One is, at the moment, there are no hospitality suites. There are no offices.

32:48There is no facilities on two of our floors in the main stand because they are completely being redeveloped, ready for the new season. So we've obviously launched that with our current hospitality season ticket holders as renewal products, and then that will go out there to the market, I think, probably next week, actually. But that's obviously for us, that's just modernising the facilities that haven't been modernised since they were built in the early 90s. But then wider to that is obviously the development of the land around the den, which is something that for anyone who follows the club, it's been a moot point until a couple of years ago.

33:23It was obviously quite a disruptive part of the club's history when there was fighting with Lewisham Council. but we are progressing well on a new lease which will be a thousand years which will give us the right to develop and for that it's looking at the best development that will give the club a sustainable income stream but also enable us to keep expanding the facilities as there's a business case but in a whole new development site in that part of london which will be vast i think we're talking up to 7 000 new apartments public realm space facilities for that community and it's going to be a big part of London development and we're at the heart of it and actually we need to be leading on a lot of that with the people around us and these are people that five six years ago we were fighting actually big part of this last year has been let's build those relationships back let's look at how we can work together let's look at ways that we can actually build this and have something that for a club we can be proud of and for our fans and the community to be proud of so we're not talking about building a new stadium no we're talking about developing yeah so the land around but then that will need to dovetail into how we develop the stadium so that could be we've obviously we've got four separate stands that could be using the corners using in effect as other clubs have done building above building out and that's all part of what we've got different architects looking at to make sure that when there's a business case allows we can future-proof the stadium so that we can flex our capacity in line with what we need to do and there's no point building it now and just going well we'll put an extra 10 ,000 seats and hope people come I think that's a bit of a folly so for us it's let's make sure that we give everyone who's here today give them the best we can keep improving those facilities and when there's demand we will look at how we keep growing that what is demand like for tickets record season tickets you just said which is fantastic again booked revenue we love it from the business side also fantastic from a fandom perspective because it just shows that increased willingness to participate on a weekly or bi-weekly basis.

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35:24How is the general demand at the moment based on the capacities that you have? It's good. I mean, I think if you look at the home areas, we're over 80 % utilised over the course of the season. What we do have a challenge with, and again, it's one that, especially this year with the new deal from the EFL with Sky, where we have fixtures being moved or midweek fixtures, we have quite a variance between a Saturday at three and Tuesday night at 7.45. And that's a challenge. And it's one that we're working with our CRM company and going, how do we solve for that? That's not a challenge that anyone's been able to solve.

35:57But let's look at ways we can just be more creative next year because it's not fair on our season ticket holders who stick with us and show us all the loyalty. Then games are being disrupted and they can't attend. We need to make sure we find a way to make it as easy for people to come as they can. But also they want to come. If we're playing a club on a Tuesday night in the middle of December. They want to come because actually we're putting on a good show. It's enjoyable and hopefully we're up in the playoffs and they can't help but want to come. It's a catch-22 that, isn't it? Because you look at a media deal being improved and giving more money down the system, particularly in the championship, and that's fantastic for you as a club.

36:34But then actually you look at what it means. And if it does mean shifting matches, if it means putting them at less convenient times for core fans, then it's taking revenue away from you in other areas. It's putting another part of the business under a bit more stress than it may have been. How does it all come together, do you think? I think we've tracked it through this year. And actually, for the new TV deal, I think actually we were fairly lucky in terms of the mix of additional televised games. A lot more of them were away. But obviously, that impacts on the number of fans who can travel.

37:01And obviously, that could impact on the atmosphere it builds. And that's difficult because our traveling fans are as important as our home fans. But in terms of home games, we only had one additional game that was moved from a three o 'clock kickoff. and then a further one that was moved because of our progress in the FA Cup. So actually, the impact was a lot less than we thought. However, it was some of the showcase games that were moved. We had a game moved to a Sunday afternoon, which again is a fairly rare occurrence. That impacts on people's ability to travel down. We had a game New Year's Day just after lunch kickoff.

37:33Not great because obviously everyone's hung over and also everyone had work the following day. So obviously it does impact on attendances and even first and last game of the season and being earlier for televised broadcast, that does impact on people's ability. If you've got kids, if you live outside of the den, you've got kids playing football or rugby on a Saturday morning, then trying to get in to watch a match, it is a challenge. So it's making sure that we're conscious of that. But then what can we do for the games at three o 'clock? Let's try and maximise the opportunity and actually make it as enjoyable as we can for people.

38:06Going back to not being Millwall-E as part of that, you did something pretty cool recently with mobile networks and being the first club. well actually i'm explaining it probably because i'll probably ruin it yeah what what happened with the mobile network well um it was it was one of the things uh commercial guys were looking at so it's a white label product sat on vodafone 3 but in effect we badge it up and it links into obviously we get some revenue share from there but also we get the customer data which is really important for us in terms of understanding the products that customer uh fans want i hate calling fans customers but it goes into everyone has an issue with it it is and it's it's one that obviously it's a crm system so it's all geared around that but for us it's understanding fan behavior because again that will help us when we're going out to market in terms of looking at us as a brand and go well we've got x y and z as products but also it got such wide exposure and it broke down a lot of the millwally kind of misconceptions i mean the sun wrote a huge article criticizing it saying I think Barcelona were the first in Europe and then us and kind of, I suppose, trying to ridicule it slightly.

39:14But at the same time, they quoted the full press release. They quoted the details about the company. And actually, for them, brand awareness was brilliant. Why would they do that? What's the negative? I think it's just, unfortunately, some people like to pick up on us as a negative. And especially some media sources, I think they thrive on negativity. And it's a shame. They need probably a better hobby in their lives. But unfortunately, we know that we're a brand that people will enjoy kind of attacking. And actually, I've said this now. It's like, let's be brave. Let's put our head above the parapet.

39:45Let's do things. Because if they want to attack us, you can attack us and go, well, I remember such and such on Panorama in the 70s. And go, get over it. That was 40 years ago. Look at what we're doing now. Look at the work we do in the community. Look at us as a club. Look at our fans. Actually, this is something special. And the fact that you keep throwing things up from the 80s, 70s, whenever it is, probably shows your own ignorance more than anything. Can we properly talk about this? Because it's what makes part of this conversation so significant and different, which is that image and the brand perception of Millwall.

40:18You know, an incredible fan base, but a fan base that hasn't had the best reputation over the years. Incredible club, similar thing. When often fans have a bad reputation, it's put on the rest of this club. But as you said, I'm even probably taking that off historical growing up, hearing things. And once those opinions are formed, right, they're formed, it's very hard to shift in people's minds. You have to proactively go out of your way to do that. How is this club changing? How has it changed now so that it is something, as you've said, that is not just something that you can be proud of, but it is a leading club, a leading sports team?

40:50I think for us and something and not just myself, but people previous to me, it's just by our actions, just by what we do. not by your own view of what we are. So kind of a couple of good examples here. We've, since 2020, we've had an ED &I committee and it's been something that before it was brought into the EFL's rules, we set up a committee, we've got a full-time ED &I officer who works between the club and the community trust. But that is because the community that we serve is so diverse in Southwark and Lewisham. Actually, we need to mirror that in terms of how we operate as a community asset.

41:25So actually, that's something that we've taken really seriously. And again, a lot of that has been born out of people having a misconception. And also, there are incidents. We do have incidents. We will have those, but we have a zero tolerance policy. And we will say if there is an incident, we'll put our hands up and go, yeah, we need to do better. And that's part and parcel of it. That's one thing. And then things like on environment sustainability, we've got Silver Award in the EFL Green Club and we're seen as one of the leaders in that. That's just what we do. We're not doing it for PR purposes.

41:58We're not doing it to win a new sponsor on X, Y and Z. It's actually just what we do. There's a lot of things that we do as a club that are the right thing to do. One of the things I've said to our staff this year is we just need to be proud of it. Don't shy away from it. don't go we can't talk about it because people throw hooliganism from the 1980s or throw this match at us from whenever it was it's like we've got to acknowledge that people will always use that and unfortunately there's some clubs that will always have that association until you change that mindset and prove enough times that actually what we do is something special and actually we go far and beyond other clubs because it's the right thing to do and especially being in our local community.

42:41Our community trust is such a big vital part of the club that we've probably not shouted enough because we've been embarrassed that people will attack it and actually we shouldn't be. Let's just keep showcasing what we do because actually it's the right thing to do and we need also people to know what we do because it increases the reach of the work we do in our community. But you are really in essence right you're fighting an uphill battle when it comes to that because everyone who will look at by the sounds of what you've just said particularly with reporting they'll just look at it with a lens that is different to how they view other clubs.

43:11So a lot of those initiatives, you have to work that extra bit harder to make people realise why it's so influential and why it's important for you to do, whether right or wrong. That's just a reality. It is. But I think if 10 sources report the truth and the positive work we're doing and one decides to keep reporting and peddling their kind of narrow-minded views, then eventually that gets drowned out by actually the truth and the positive stories. And for us, it's very much the good stuff we're doing. Let's be brave. let's actually talk about it let's not shy away from it and actually when things don't go wrong again we front up and we go look if we don't do something right or there's an incident we hold our hands up but actually like anything we need to all learn from it and there'll be incidents we've got an fa charge at the moment and that will be coming through in the next month or so and that's that's a common one that a number of clubs have had was that for the mateta no for the absurd chelsea chant uh at crystal palace and again i see west ham have just been through that process but for us we will learn we will take lessons but also and i implore the fa that we need to do more that it needs to be a collective not just throw a fine at a club and throw the book at us what can we do as an fa what can we do as an efl around education because it's a precluded speech and look personally i'm a gay man and i have my own views on that as a speech but it shouldn't be something that we get labelled as a homophobic club.

44:35We've got two gay football teams, which no other club in the EFL has got. And actually, it's something that we have not shouted about because it's just what we do. And I think that's something that I've said we need to sometimes own it, own our mistakes, learn from it, move on. But if it's something like this that's a societal issue, let's look at what we can do to drive change, what we can do to drive education, because that's the only way that you can actually stamp it out. If you keep throwing books at clubs and keep punishing individuals does that really change anyone and is that falling on the fa is that down to the i think it's got to be a collective i think it has to be a collective between clubs between the leagues between the fa and it has to be a will to actually go how can we mitigate this rather than how can we just keep punishing clubs and again this is my personal view but i think it would be in a much better position if everyone worked together rather than blame it's blame we move on to the next one it feels if it feels bureaucratic it feels like a right and wrong how does anyone ever learn from it it probably just doubles down those fans who've said it and again if we have to come out with a strong statement how do you then move on from there and actually drive change and i think it should be perhaps it's wider than football perhaps it's it's looking at going we're in a society at the moment where it's one view or another it we We tend not to have, I suppose, a grey between black and white.

45:58And I think that's when we go, how do we get that back to where there was a little bit more, I suppose, common sense prevailing on things. Well, football, as you said, it's absolutely not just Millwall, right? Football just unfortunately seems to be a place where a lot of this can boil and come to the forefront, which is a problem for the sport, a massive problem, because it's such a popular thing. But I think it's also because if you think people are watching, people are watching on TV. I mean, our incident was live on BBC One. So that's where that was triggered. Obviously, there was other incidents going on at the time, which were everyone's priority.

46:32But again, that was a huge challenge for us as a club when you had five or six different incidents all going on at the same time. Obviously, what we were doing to deal with those at and away ground and obviously live on BBC, everyone's finished watching Saturday Kitchen and then come along. And unfortunately, then rather than 300 ,000 people who are experts on whatever it is on Twitter, you've got 7 million people who are all passing comment and passing judgment. And actually, it's then cutting through that to go, let's actually address each of these individual areas. And we can't be the ones to solve society's ills.

47:05We're one football club. Let's look at it wider. As is often the case with a lot of these situations, unfortunately, it's very small minorities and very big groups of people. Do you try and speak to the broader fan base so that they can be more proactive in helping you make sure that these people are not a part of, let's say in that instance, a travelling support and therefore a smaller number of supporters than maybe in the home. You don't tend to get it really in home stadiums. It's quite often in travelling fans. Yeah. But does that come down to the relationship you can also build with the majority of those fans to help them help you?

47:35I think so. Yeah. I mean, in terms of our ED9 committee, we've got members of fan groups. We've got members from our official supporters club who sits on there. So, again, a lot of what we talk through, and that does include, obviously, planning for higher-risk games, where we know that there is a higher risk of incidents, normally away games. It's actually, that's part of the pre-planning work, so that actually that can get communicated out, so we can have common messages. But it's a difficult one because, again, it could be one person or a small group of people. And we've found that when we've had incidents this year at the Den, And it's been people who are not necessarily known to us as fans.

48:11It's maybe their first trip here, sometimes from elsewhere in the UK, elsewhere in Europe. And we've had a few incidents of things like that. And again, that is just people who perhaps come to see the game based on their misconception of the club and what our fan base is. And then cause issues. And actually, it's all driven from there. But again, every stadium has a zero tolerance policy. and for us it's that's so important because if there's 18 000 people and then there's one person being an idiot the other 17 999 need to feel safe and that's a big part of what we do i mean it sounds like the fans actually are looking historically compared to what it is now this is way more progressive than they would ever be given credit for oh completely completely and i think it's only when you see what goes on in a match show you see the fans you talk to the fans you realize that actually everyone everyone's the same it's like no one's any different actually we've got fans from all different backgrounds and actually you talk to them and i've never felt so welcome i mean i wouldn't have come back for a second stint at the club had i not felt so welcome and the fans are brilliant it's a big part of what we do and it's a big part of why everyone's so enthused to work here and the community you mentioned is such a huge part of it the relationships that you're building there why are they so important for for the club i think you look at especially being a club in london and the community does move and evolve probably more rapidly than anywhere else and again from working in a city in the southwest you've got probably 10 generations who've lived pretty much within the same two or three streets and will probably live for another 10 generations whereas in london obviously a lot of our historic fans would have been south london dot workers a lot of them would have moved out to different parts of london kent essex sorry wherever all over the country and actually new people move in and again because it's london it's a younger city with people not spending as long there so our community changes every census that's undertaken the makeup of our communities in lewisham and southwark could change quite significantly and it's how do we operate in there obviously we're also in a we've got a number of deprived areas around so what can we do as a football club using the brand of millwall and millwall football club and the community trust what can we do in terms of assisting in those areas so that could be through delivery of soccer camps uh soccer camps always pains me calling it hello america where does that come from i don't know i think that must that must be from uh i must be from being a kid and obviously everyone going to camp america soccer camps but then it's things like school meal provisions it's obviously work we've been doing with local schools so it's so important and that is just because it's the right thing to do we are part of the community and we should give back and we should use the power of football to help people who are less able so be that young people be that for elderly people so we've got a weekly coffee morning and we've had those running since covid and it's a really important thing for people in the community to come in and actually just have a chat have a coffee have a couple of pastries and um it's a social thing it's really important but then widening in that to go well what else can we do how else can we integrate ourselves as much as possible in a community that isn't the same 300 families that it's been for 20, 30 years.

51:26I should have asked this earlier when we were talking about players, but how influential is that academy in being a place for young people to come and act out their love, gain the experience, hopefully make it to the top end of football? Yeah, no, hugely important. And again, London's so competitive. You'll have kids who live half a mile from the den who'll be in Arsenal or Chelsea's academy system. So for us, having that footprint in, obviously, we've got facilities at the Den in our community trust building, but also over at Blackheath, our academy centre, actually being right in the community is so important.

52:02Because again, if you're growing up, Romain S is a great example, grew up in Deptford, which is a couple of miles from the Den and from Blackheath. He obviously joined us at 12, was all the way through to when he left Crystal Palace earlier this year. but had we not had an academy site there that was convenient for him getting a bus in or whatever it will be would he have joined charlton would he have joined crystal palace would he have gone to late norway and who knows and actually it's so important to have that footprint in the community because these kids live and breathe um football and if you can see the den from your bedroom window hopefully you've got aspirations to want to play there is the competitiveness tough when there's so many options there's so many clubs in london local areas looking around it for you to really get the great talent you always want to have the best players coming through your academies you do and i think you need to show the players that there is a development route for them because if you're joining the academy on the basis of don't worry join the millwall academy man city always come in and hoover the best players up so if you're good you'll go to man city if that's the reputation you've got you don't get the the right relationship but if you can then say look we've had a player who's come through at this age played in the first team we've had this many players make their debut this year who've been through our academy system people can then look if you're if you're a family of a 13 year old boy looking going well actually i can see somebody in the starting lineup who looks like me he's gone through my journey actually there's that affiliation which is so important and i think it's one that you probably don't see in kind of the cat one academies in the premier league because so few of them make it through it's a hero story isn't it when you've got and again from working at aston villa jack greelish comes through absolute hero when he was at the club because he's come through the academy system but there's one of those in a generation you don't tend to see that as often whereas in the championship and league one league two a lot more you see that there is more of a flow through from the academy and it's so important but you need to make sure that you're getting the right people in who want to be in there and part of that is giving them a reason to join you versus somebody else and i guess when you're a club that's so entrenched and his community.

54:08You always want that representation to be shown on the pitch on a Saturday. Yeah, and you can see it. I mean, the fans absolutely idolised Romain when he played for us and even when he was playing for Palace in the Cup, he went over and applauded the fans at the end and he's come back to the den a few times to watch games and you can see that there's that relationship. It's rare to maintain a positive relationship after a move like that, I'd imagine. Completely. I mean, you're playing in the Premier League, you're kind of, I suppose it's a world away but actually there's that affiliation back with us as a club that's always going to be special to him.

54:38And I think probably for players, the club that they've been through as a child has a bigger affiliation than an employer that they join on a one-year, two-year, three-year contract. I just want to bring this all back. It's amazing talking about it in the context of Millwall. But so much of this is influenced by wider football and some of the things that are going on affecting all of the clubs. And you look at the success you've had last season, and I imagine now what you've referenced you want to build on. How does the current structures of football, Premier League, Inter-Championship, parachute payments of clubs, being able to compete at that top level, how difficult is it to really compete in these levels when there is such a financial imbalance, shall we say?

55:18Oh, it's hugely, hugely difficult. Because again, you look at, especially the Championship up to the Premier League, you look at the clubs the last two or three years, it's been consistently two out of three are in receipt of parachute payments. And that makes it really difficult, because then you're hoping that you'll be that Luton Town type story that you'll get promoted or Ipswich Town last year. That's really difficult. We all know that's really difficult. Obviously, there's a lot of talk about the football governance bill and the backstop powers and the regulator and all those things. I think we're all hopeful, but we also know that the Premier League will not be hoping for the same outcome as the EFL.

55:57The National League will not be hoping for the same outcome as the EFL. So I think it all depends on how good and efficient the regulator is. And I think until we see that in action, it's going to take a number of years to actually start working through. I think the big challenge will be the haves and haves not with the parachute payments. That is such an important tool to any club that's coming down. We saw it a couple of years ago. We did a quick bit of a back of a fact packet calculation going into the new seasons when I was here before. and we estimated that Southampton was starting a quarter of a billion better off than we were because the parachute payments plus all the player sales they just made.

56:36And again, there'll be some payments to make on there so it won't be a net quarter of a billion. But that's a different - Quarter of a billion? But then they had so many player sales through. Again, they'd have to reinvest and buy new players but it's not a bad place to start. I mean, I'm sure if we had a quarter of a billion guaranteed revenue or income coming in through the door we'd be pretty happy and pretty confident that we were going to go straight back up. Well, if we go back to what we were talking about with the squad costs, let's just say rules, if they can claim revenue, let's just say of 250, it means that even under regulation, their spending power is significantly better.

57:11Obviously, some of that would have been just transfer fees received, which wouldn't have necessarily been profit. But again, they'll be starting with a five times increase on central revenues than us because of their parachute payments. a lot of it will be how they're structured i suppose elsewhere in the business and we also know this and i know this from working in the premier league in the championship we have one person doing three jobs in the premier league you'll have 20 people doing the one job and you do naturally just start to just go i just need one person there and i mean when i got to aston villa we had a finance team of 20 and they were brilliant but did it need 20 i went to gloucester rugby there was a finance team of three outside and we got everything out on the same deadlines we got everything out to the same level of rigor we got everything to the board we had more board meetings so there was more information than we produced and you look and go you you cut your cloth accordingly but a team of 20 that was naturally just expanding because of being in the premier league but actually okay there's more numbers there's 40 000 people in rather than 15 000 people in but at the same time a sale's a sale it's all from the same system it's all one payment into a bank account.

58:17You don't need five times the amount of staff just to keep things ticking over on the same level. But parachute payments aren't necessarily helping these clubs. One of the most concerning and damaging parts of football at the moment, which is consecutive seasons of all three promoter clubs getting relegated right back down. The sustainability of them as clubs in the Premier League is not assured at all. Now it's almost, I feel like there's a fear of spending when they get to the Premier League because we know how difficult it is to stay up. And if you come down with an even bigger cost base, that's not easy.

58:45I agree to some extent, but I think this has been happening already for many years. If you look at Norwich City's business model of 10 years ago, that was all predicated on, we'll get promoted, we won't overspend. And actually, if we stay up, fantastic. If we go down, we will be able to get back up quickly because we've not overcommitted ourselves. And actually, it should be self-fulfilling that you then, it's obviously great when that does happen. But if you don't get back up into those promotion spots, then it is a challenge. but i think clubs have been doing that i think what we're seeing is just the haves and have-nots in even in the premier league is starting to stretch out so much further than 15 years ago when i worked in the premier league it was a bit closer and for us we made a real stab at going for top four for three of the years i was there we never made it we had a few days in there again but um we spent as if we were a top four club and then man city happened and they spent as if they're a top four club and all of a sudden you've got six teams trying to spend top four money and then the money into the new deal into the champions league and then the europa league got so much more that all of a sudden you can't get there yeah and then for us it was like well let's settle for just below that level and actually settling for just below that level we dropped like a stone down the table and it was really difficult then to correct things because it was structurally built in around the meritocracy and around if you're in your competing europe how much of a difference it makes versus the clubs who were just trying to fight to survive you look at the premier league this year it was two tables really a european football and but actually i'd say two tables three tables because you have the three relegated clubs so far away from everyone else yeah i mean any other year they would have been relegated but for the fact that it is now so much more difficult and it's going to be a challenge for the three clubs going up but at the same time And we all want them to be a success because we want to see that EFL clubs can go up there and can stand toe to toe and actually stay up there.

1:00:44And you look at the ones who've done it really well. Brighton, Brentford have got up there. Bournemouth. Bournemouth. And not had to spend stupid amounts, but have done it in a different way. And again, I think that's what we're all trying to look at and go, how do we do that? How do we find a new different way? Because the problem is people are doing different ways. And once everyone's doing the same different way, it's no longer a different way. Do you have to fight the urge? Because we mentioned many consecutive years in the championship. And as with anything, you spend X amount of time somewhere, you're eventually going to get to the stage where you just go, come on, what's next?

1:01:20What's the next thing? The next thing for you is Premier League. Yeah. But to get there, we know how realistically you have to get there. Do you have to fight the urge to, should we say, compromise the good business or the better business that you're running with promotion chasing exploits? I'd say for us, no. I think we've got a very sensible structure in terms of our board and the ambitions they've got. Everyone is geared up. We will be there. That's that focus. But we do it our way. We do it in a sustainable way. We do not do it. We do not sell the family silver just for that one shot because it's just going to come back and bite us if it doesn't happen.

1:02:01And I think you see too many stories is where clubs do do that. They do overstretch. And actually, if it pays off, brilliant. Wolves on promotion. What was it? 100 million lost the year they were promoted. Ruben Neves. I mean, yeah, the players they had were absolutely amazing. World-class players, Premier League players. But had they not got promoted, who knows what could have happened. Derby County under Frank Lampard. Absolutely brilliant players. I got to watch them in the playoff final against Villa and got to see Villa go up. But again, Villa at that point, after spending almost grand bank cuts, it's one that you see where you do overstretch.

1:02:42You're never going to be able to, I suppose, compete if you then have to try and rein it back. That's a very responsible, finance-driven answer. Yes, it is. Well done. I've got splinters from sitting on the fence on that one. No, it's great. It's great. Let's do a quick fire round if you're up for it. Finish off. Go on. So go on. Let's be nice. What's the best part of your job? I think people, either the fans or the staff, big part of where you come in and where you kind of wake up and love what you do. 3pm blackout, do you think it still benefits the system? I think unfortunately people's fire sticks are far too good for it these days.

1:03:18So actually let's look at how we kind of evolve it because I think there's now a growing pressure to actually address that because I'd rather we had a full stadium at three o 'clock than having to play two o 'clock on a Sunday afternoon. The critique is always it takes away from the clubs. You're a prime club to talk about it, I guess, because you're in London with a huge amount of competition for fans. Do you think it would take away or the responses that you see from fans suggest that you'd have no issues with attendance? No, I think we've got to make sure we keep delivering something that people want to come to.

1:03:50So you want to get down here early. You want to have a few drinks. Actually, we have an entertaining fan zone. The game's good. The atmosphere is good. There's some good entertainment. Actually, it's a day out. And if you can make it as enjoyable as you can, then you can't get that watching it at home on TV. You've mentioned your mobile network, which is awesome. What's the next, well, un-Milwally move that you want to make? That's a good question. There's lots of things we've got in the pipeline. That you can talk about. Not a lot that we can, not a lot that are at fruition, but I think, yeah, watch this space.

1:04:22We'll be still trying things. And are there any areas in football in general, if we take that out of Millwall, that you think are ripe for better practice, better technology? I think it's connectivity in and around stadiums. We were talking about this before the podcast. We fully Wi-Fi enabled Kingshome when I was there, but we couldn't commercialise it. And it was one of those things that it was an opportunity lost because actually a fully Wi-Fi enabled stadium with super fast broadband that all 16 ,000 people could stream at the same time. What we actually was able to put was RefLink on everyone's mobile phone app so they could listen to the ref.

1:04:58People were able to gamble and not gambling on rugby, which was disappointing. But the whole idea would be gearing up so that people could then use it towards food and drink, potentially in their seats, obviously gambling so that there was more engagement. but then how can we kind of improve that experience with Wi-Fi? That's something that you see stadiums doing, but the problem is we're doing it, but we're doing it as a, this is a really good idea, full stop, rather than how do we commercialise it so that actually it's an enhancement to people on a match day rather than you can now stream Sky Sports News and see what the other scores are.

1:05:29We actually haven't mentioned it specifically, but we've danced around it with wages and transfer fees and inflation being an issue in the business of football. whether it's squad control cost caps whether it's salary cost caps what do you think is the best way that we could handle this issue? I think from working under a couple of different regimes and again we had cost caps in Formula E we had salary caps in rugby I like salary caps when we were looking at it during Covid I helped the EFL on some thoughts and feedback on where it doesn't work but actually it creates a more level playing field and I think actually it's a good way of bringing in a little bit of discipline in the problem is that goes against other forms of competitiveness and that has to be brought in across the whole of football rather than one league doing it you just look at everyone and rugby is a good example quite strict uh salary cap now in premiership rugby so players leave to go to france because the cap's a lot looser so it means that the earning potential is higher so it has to be a structural thing that is brought down across all of sport it's hard though isn't I always look at it, we've had Maheta Malango, a PFA CEO, and naturally the union of players is not keen for salary caps.

1:06:40And I understand it, there's always going to be the argument around that. But if you enforce it through something like the squad cost controls and you can only spend 85%, it's an unlabeled salary cap that you're placing, right? Of course it is. And I think it needs to reward and recognise talent. It needs to not be too prohibitive. But at the same time, for everyone, if it's a case of, well, we go unregulated and we go unchecked and people still keep spending, it's short-term gain and it's going to be long-term pain because we'll see more clubs struggling. That naturally then, the market will control itself.

1:07:14And actually, if we found 10 clubs struggling in the championship, that will push everyone's wages down because everyone, and you see that in rugby union, obviously three clubs go and bust out the 13. that has had a negative impact on salaries because there's more players, there's less clubs. We don't want that. That would be disastrous for sport in general if everyone was then all of a sudden having to, I suppose, wind back 20, 30 years of growth of the sport. Go on. Finally, let's excite the fans. How are you approaching next season? What are the changes that you're making to really make, should we say, a really good push to build on the successes you've had this year?

1:07:52I think it's watch this space. come the 31st of august we'll have i think we'll have a really good squad and i think that's the bit that excites us all i think we've got some really good um players that we're looking at and i think they'll bring different benefits to the squad so leadership they'll bring different things around the areas we've identified as where we probably need to improve on and i think we're going into it with our eyes wide open which is exciting i'm either going to look really happy at the end of august i'm going to look absolutely kind of browbeaten that we've not achieved it but I think we're going in the right direction and that's the bit that gets all of us excited.

1:08:29Bookmark this. There you go. Yeah. The words to live and die by. Yeah. There's confidence and that's what we like. Your eyes lit up as you said it, which is perfect. Look, Mark, it's brilliant. Thank you so much for coming in. No, no. Thank you for having me. Having this chat is amazing. So yeah, really appreciate it and look forward to following how you guys get on. Thank you. Thank you so much to Mark for joining us today. This is a team that has long had to deal with many negative connotations. And for an executive like Mark to come out and talk about trying to change that image of the team while also looking to build the values that are now intrinsically linked with this new version of Millwall, the future looks bright for this club continuing to push for Premier League participation.

1:09:10We look forward to watching what happens next season and thank you so much for tuning in. Now if you want to hear more from today's show you can do so by going to YouTube and typing in Business of Sport. But before we leave you, some words from our valued partners. This is digital fitness coaching at its peak. I'm so excited for us to partner with Runner, a relationship that's going to get us all up and out there, me included, pacing the streets, woodlands, parks, beachfronts, but backed up by elite level insight and accessibility. This is the kind of coaching that used to be reserved for the pros.

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1:10:22We bring you a global network of runners who push, celebrate, and support each other. Whether you're an existing user or want to check it out for the first time, you can use our code BOSSRUNNER, that's B-O-S-R-U-N-N-A, or click the link in the bio. Take a look, be challenged, have fun, and of course, stay tuned. This episode is brought to you by Revolut Business, the all-in-one account designed to add efficiency to your business finances. Every business hits those big turning points when efficiency is the difference between make or break. Revolut Business makes your finances efficient, helping you manage team expenses, control spend, and expand into new markets, bringing everything you need into one place.

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From the publisher

This week, we’re delighted to welcome Millwall’s Managing Director Mark Fairbrother to the show. This is a football club that many people both in and out of football have a preconceived idea about, built around historical associations with hooliganism and social unrest. These perceptions are rooted in media portrayal, cultural symbolism and sociopolitical factors rather than the club’s present day values.

So, what does the Millwall of today represent and stand for? Off the back of a hugely successful Championship campaign which saw the club fighting for a play-off spot on the last day of the season, eventually finishing 8th, Mark is building both a club that can push the boundaries of its modest budgets (comparative to their competitors) and act as a pillar of the community. Football clubs are more influential than ever to the people that support them and localities they serve; this is a club going a step further.

We’re very excited to bring you this; an insight into one of England’s most notable clubs intent on rooting itself high up the football pyramid. 

On today’s show we discuss:

The Millwall Identity:

  • What makes Millwall unique and why does the club's reputation precede it?
  • How does the club lean into its history without being constrained by outdated stereotypes?
  • What does “no one likes us, we don’t care” mean to the leadership today? Is it a challenge or a strategic asset?
  • Can a club change how it’s seen without losing its soul?

Running a Championship Club:

  • How do you balance short-term results with long-term stability in a volatile league?
  • What are the day-to-day commercial realities of Championship football?
  • How does Millwall approach player trading and squad investment with limited resources?
  • How do media rights and the recent Sky deal affect clubs like Millwall?
  • Is the EFL sustainable as a whole or are financial disparities becoming too great?

Football Business vs. Football Culture

  • What are the pressures of running a club where emotion runs high, but margins are tight?
  • How do you manage fan expectations while still being fiscally responsible?
  • Is the modern football club more like a community anchor or a business enterprise and what happens when those two pull in different directions?
  • What’s the biggest misconception fans have about how football clubs are run?

Millwall's Future

  • What does success look like for Millwall? Is it promotion, survival, or something else?
  • How is the club investing in infrastructure, community, and culture to grow sustainably?
  • What are Millwall’s ambitions on and off the pitch in the next five years?
  • Can the club compete with parachute-funded rivals while staying true to its values?
  • What role does leadership at club level play in shaping the future of the Championship?

A huge thank you to our amazing partners on the show:

RUNNA
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Mark Fairbrother, Millwall Managing Director: ‘Is This The Most Misunderstood Club in Football?’ (Ep75)Business of Sport · 1 h 12 min
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