AT A special meeting between members of the Millwall board and supporters' representatives Theo Paphitis was candid about the situation regarding the top seat.

He made it clear the search for a new chairman was ongoing and the person being sought needed to have a clear understanding of what would be involved in running a club like Millwall, along with the funding potential to support the club financially.

The club continues to be funded by means of an overdraft, Theo's support, plus proceeds from the sale of players and share issues.

The small overall debt level places Millwall in a stronger position than many other clubs but does mean directors have to be prudent in cash management and cannot spend excessively on new players.

As in the past the development of home grown players will continue to be a key factor.

Theo also said he is not seeking any payment for him to step aside and is ready and willing to step down to facilitate a new chairman coming on board.

Although two parties have shown initial interest nobody has yet made any firm commitment.

If a new chairman is not forthcoming within the near future Theo pledged to do everything within his powers to stabilise the club and maintain its Championship status.