Lions board embroiled in row with their main shareholder

Millwall's fight to avoid relegation from League One is being destabilised by an ugly spat between the club's board and their largest shareholder.

Property developer Graham Ferguson Lacey, who owns 28.9 per cent of Millwall, wants shareholders to be given a greater say over the club's ambitious plans to regenerate The Den.

He has called for an extraordinary general meeting and suggested a number of resolutions which would stop the board making decisions regarding their property assets without consulting shareholders.

But the move is being fiercely resisted by the club's board, who are attempting to use new powers under the Companies Act in a bid to block Lacey's plans.

Millwall chief executive Heather Rabbatts said today: "The motions Mr Lacey is proposing would make it impossible to manage this club. This is clearly unworkable and one has to question his motives in trying to impose such restrictions on us."

The loss-making club, whose turnover is £5m, estimate the cost of a consulation process at £50,000 for any significant property decision.

Rabbatts added: "Having any of these sort of differences is going to detract from the sense of unity and stability we need at this time. I hope we can have constructive dialogue to allay Mr Lacey's concerns and avoid this issue going further.

Lacey, a business associate of former Millwall chairman Peter De Savary, began buying into Millwall in March 2007 but has so far declined a seat on the board and is said to have attended only two games.