Millwall start search after Wise walks out

"We didn't start off on a very good note and it wasn't looking too good, unfortunately. I could have stayed for another year and taken the money - that's the easy option - but I felt it wasn't about the money, it was about trying to achieve something and unfortunately he wants to go in a different direction to me."

Theo Paphitis, who is expected to formally hand over the chairmanship to Burnige today, said that an agreement which was "friendly, easy and beneficial to both parties" had been reached regarding the remainder of Wise's one-year contract, which was worth around £300,000.

The out-going chairman added: "Dennis has given us a couple of the most memorable years of our lives and years that are unlikely to repeated probably in our lifetime and for that I think we all owe him a great gratitude and thanks."

Wise's assistant Ray Wilkins, who does not want to be considered for the manager's position, will meet with Burnige tomorrow to discuss his own future.

The new Millwall chairman is expecting a flurry of phone calls and applications over the next few days following Wise's decision to stand down.

"I think a lot of people think very highly of the club and would love the job," said Burnige. "I'm expecting the phone to start ringing now there's a vacancy."

The task of finding a suitable replacement gives Burnige an immediate opportunity to not only stamp his own influence at Millwall, but also chart the direction in which he wishes the club to proceed under his tutelage.

It is a vision that will come with clear parameters. Outgoing chairman Theo Paphitis admitted that the payroll would have to be reduced under Burnige, a process which has already begun with Kevin Muscat's decision to return to Australia this week.

Wise made no secret of the fact that he was unhappy to work under such financial constraints, and those who have extensive experience of managing in the top two tiers of English football might well be of the same opinion.

It is therefore likely that Burnige will look to a progressive coach who is ambitious and keen to move up the managerial ladder. He will surely not follow Watford's example of picking a manager with no previous experience. To do so, given his own transition to the chairman's role, would be disastrous.

Instead, Burnige is likely to focus on those who have enjoyed success in the lower leagues.

Yeovil's Gary Johnson, who has overseen two promotions, and Martin Allen at Brentford are names that will inevitably be thrown into the frame, although both have recently agreed new contracts.

Equally Steve Tilson, who has led Southend into the play-offs and Leroy Rosenior, who narrowly failed to keep Torquay in League One after promotion the previous season, are possible candidates.

A squad that includes Paul Ifill, Barry Hayles, Danny Dichio, Matt Lawrence and Darren Ward - all of whom remain under contract - should be more than capable of holding its own in the Championship, though some may be alarmed at Paphitis's remarks about the need to trim the budget.

Yet, whoever takes over at Millwall - a decision unlikely to be made for several weeks - will need assurances about the resources available.