£100m Paphitis won't try to buy success

Leo Spall13 April 2012

Theo Paphitis is prepared to be labelled a lunatic after revealing his aim to take Millwall into Europe. The club's chairman knows that most people think the chances of his ambition being realised are more remote than a North Sea oil platform.

Millwall have spent only two seasons in the top flight in their 117-year history and even though they play Birmingham in a First Division play-off semi-final second leg tonight, the prospect of Europe remains little more than a dream.

But Paphitis has taken the club from the verge of bankruptcy in Division Two to the fringe of the Premiership, with money in the bank, in just five years.

And he said: "I have extended my aims with the success of the team.

"Talking about Europe might be the first sign of madness, but manager Mark McGhee and I discussed it when I gave him the job last season.

"Are we fantasists or visionaries - what is the difference? Only time will tell. But there is a difference between ambition and stupidity. I have huge ambition but we will pursue our goals in our own way, on foundations of stone."

Paphitis was recently rated as the joint 333rd-wealthiest man in Britain with a personal fortune of £100 million. That made him the ninth-richest man in London football, according to Sunday Times figures. It would also give him the potential to throw his money at Millwall so they could buy their way into Europe.

But Paphitis has no intention of doing so. The 42-year-old has made a name for himself in business by turning around ailing concerns such as stationers Ryman and lingerie firms Contessa and La Senza.

His work in football has furthered his reputation, but his personal investment in five years is little more than £1m.

He said: "I am not going to be Millwall's sugar daddy. I did not come here to put in everything I had worked all my life to get.

"I came because the club that I loved was hours away from death's door. I gambled some of my money, my reputation and brought in a lot of money from friends, but the club is a business and we have to live within our means.

"Now we have got no debts, can pay our bills and we have a few bob in the bank. That is a big turn-around.

"If we made it to the Premiership this season or in the next couple of years it would be a dream come true.

"But we are not ready to go up and gamble everything to stay there. We will be going outside the top flight to sign good, young players who will become Premiership players.

"They might not adjust quick enough and we might go down but we will still not go for the quick fix with players on big money because if you do that and then go down, you are dead."

Paphitis says he pays players the going rate for their level and has agreed a performance-related scheme which means salaries go up and down depending on which division they are in.

"You have to be prepared for the worst-case scenario," he said, and this philosophy has meant the club has been cautious in the transfer market this season.

Paphitis says he knew the ITV Digital deal which has collapsed was shaky and McGhee has been keen to get value for money as well as the right players. As a result defender Darren Ward has been the only player bought for a fee, £500,000 from Watford, and some fans have claimed the club lacks ambition.

But Paphitis said: "If we got up and went down again we would do so with a good, young squad on the right wages and would be in a good position to get back up again.

"Then the next time, we would have a bigger nucleus of players who would be good enough and we would have a chance."

Paphitis's philosophy is based on a three-year plan devised with McGhee to get Millwall into a position to compete in the lower half of the Premiership in the next two years.

Promotion via the play-offs this season - just a year after winning Division Two - would leave parts of their set-up wanting.

But manager and chairman would use the increased income from the top flight to fund their long-term goals.

Maybe then, Paphitis's dream of Europe would seem a little less farfetched.

Tonight, Millwall have midfielder Christophe Kinet available again after suspension. On-loan Sheffield United winger Paul Devlin hopes to return for Birmingham after a groin strain.

Live on ITV Sport, 7.45pm

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