Millwall success gives Paphitis £500,000

Millwall chairman Theo Paphitis has made a paper profit of £500,000 from his club's outstanding season.

The stationery tycoon invested around half a million pounds in a Millwall share issue last July and the value of these shares have since doubled.

City analysts claim the prospect of European and Premiership football at The Den next season is the reason behind the hike.

Shares in Millwall Holdings, which is listed on the Alternative Investment Market, have risen from 0.1p to 0.2p in recent weeks - with further increases predicted if they reach the FA Cup or Division One play-off final.

The move represents the first seeds of financial recovery for a club who were badly hit by the cut in television revenue following the ITV digital collapse in 2002.

The club last month announced a pre-tax loss of £1.2million for the latter part of 2003 which was a major reduction from a £2.5m loss the previous year.