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However, despite this set back, company chairman Heather Rabbatts tried to put a positive spin on matters and highlighted the changes that have been made over the past 12 months.
"We are focusing our attention on significantly improving the club's financial position whilst striving for continued progress on the pitch," she told the club's official site.
"Football clubs are judged almost solely on their playing success, but this is linked very closely with their ability to generate revenue.
"There have been significant changes at Millwall since last May, both in the boardroom and on the playing side. Major investment has gone into our training ground, Academy and first team squad.
"After a disappointing start to the season, results are now showing signs of improvement, whilst the long term prospects in terms of our youth development looks very exciting."
She also took the opportunity to bring the club's regeneration scheme back into the public spotlight.
"Our ambitious plans to be the centre of a major urban regeneration programme in the locality are moving forward.
"Football is a high risk business, particularly for those clubs outside the top half dozen in the country."
The scheme, which has been met with skepticism by many Lions fans, has fueled rumours that the board intend to move the club away from Senegal Fields.