The letter below has been sent today to all local newspapers and on the Isle of Man

Dear Sir

I am writing to highlight the concern of supporters of Millwall Football Club regarding the investment of businessman Mr. Graham Ferguson Lacey in Millwall, which is one of a small number of league clubs which is a PLC.

The business of running a football club is very precarious and notoriously unprofitable. Company performance relies heavily on the form of the team, and since our appearance in the FA Cup Final in 2004, this has declined and the Club has been struggling in League One (two divisions below the Premiership).

The current Chairman, appointed in 2007, Mr. John Berylson, has invested in shares and also lent Millwall some £8m, £5m of which is convertible to shares, to maintain and improve Millwall's standing, on and off the field. Millwall have also undertaken a significant cost cutting exercise, and become involved in a project to regenerate the land around the stadium with a view to generating future income streams.

Graham Ferguson Lacey initially invested in Millwall in 2007 and has built on this to become the largest shareholder with some 29.25% of the shares currently. These shares were purchased through the market and so did not benefit the company directly. When he first arrived Mr Ferguson Lacey was animated in his support for the Club. However, his support now seems less than total. He has been offered the opportunity to have more influence by taking a seat on the board, but this has been declined. He was rarely, if ever, seen at games last season.

Now he is forcing a vote at an EGM on two resolutions, which, if passed, could seriously affect the funding and operations of the Company and the Football Club. For some time, Mr Ferguson Lacey has not given supporters or shareholders any indication as to why he is not supporting a Chairman who has funded the continuing operation of the company, and why he is forcing this cash strapped company to hold an EGM at a cost in excess of £50,000.

Last Friday, the date of the EGM was announced and he finally issued his statement which was very critical of the Board. This statement demonstrated that his interest is primarily in the regeneration project and brought no comfort for the supporters. Before even considering support for him at the EGM, supporter shareholders would like to hear Mr Ferguson Lacey's thoughts on the football club, how it should be moved forward, where it should be playing, and how it should be financed.

Mr Ferguson Lacey's reputation in business, as a corporate raider and opportunist, irrespective of the damage left in his wake, is very well documented. Supporters are understandably looking at that record and fearing for the very future of a football club with more than 120 years of proud history. Unless he can give supporters some comfort and assurances regarding his vision for Millwall FC, and he has already been offered the opportunity to do so, we will be strongly advising all shareholders to vote against Mr Ferguson Lacey's resolutions.

Yours faithfully,

Millwall Supporters Club

12 June 2008