Consecutive Defeats.

Ridsdale's sighs sounded odd to his assistant, coming off as mere whining.

"What a pointless complaint."

Without good players, the club was sure to be worthless.

If Manchester United didn't have the talented players of the Class of 1992 - if there were no top stars like Schmeichel, Keane, Stam, how could they achieve good results and make money?

"Cough, cough. In the summer of '96, Millwall ranked seventh from the bottom in terms of operational income across the Premier League. A year later, in the summer of '97, they were sixth. Just half a month ago, in the income statistics, they ranked just below Manchester United and eighteenth in Europe. When you include their player sales, there's no doubt they were the most profitable club in Europe last year." 

As Ridsdale listened, he thought about how Millwall's income was primarily supported by their excellent performance. Winning the UEFA Cup Winners' Cup and the league title made them the sixth highest earners in the league, while finishing third in the league and winning the Champions League put them just below United. 

"The assessment report predicts that if Millwall can maintain their performance from the past two years, they will become the club with the highest operational income in the Premier League, and possibly in all of Europe, by 2001." 

Why 2001? 

Because in 2000, Millwall would move into a new stadium, leading to a leap in revenue. 

Ridsdale scoffed, "So, maintain last year's performance? Winning a league title and a Champions League every two years? Plus the FA and League Cups? What a ridiculous idea! The Champions League is incredibly challenging to win. Last season's success had a significant luck factor; they knocked out Juventus with a last-minute goal. Beating Real Madrid was through penalties—can they do that again? Let's see if they can pull off another late goal against Juventus."

His assistant responded, "Actually, if Millwall can keep qualifying for the Champions League each season and make it to the knockout stages, their revenue will be securely within the top ten in Europe after moving to the new stadium. If they can snag a few more trophies, it would hardly be surprising if they became one of the richest clubs in Europe. When they returned from Tokyo, Millwall's CEO Adam made an interesting comment—have you heard about it?"

Ridsdale wasn't interested and shook his head. "Haven't heard it. It's probably just another trophy won by Millwall." 

"No. It's not related to the Toyota Cup. Adam declared that Millwall has over ten million fans in Asia." 

"Even if Millwall has a hundred million fans in Asia, so what?" 

Ridsdale scoffed. 

The broadcasting rights for the Premier League are sold as a package, and the same goes for the Champions League. While the size of the fan base does influence the distribution of broadcasting revenue in the Premier League, the league has its own methods of evaluation. It's not enough for Millwall to simply claim they have a certain number of fans; those claims must be substantiated.

How much can the club's income really increase with a ton of Asian fans? 

Would even 1% buy official jerseys? 

Would they purchase season tickets? 

In terms of direct revenue, foreign fans bring minimal financial benefit to the club. 

The assistant calmly explained: "Adam's statement was not directed at the club owner Hall or the fans, but was a euphemistic way to convey Millwall's presence in Asia to sponsors! It may be a bit exaggerated, but it is definitely positive."

Ridsdale finally realized that this was a marketing strategy.

Millwall's fan base abroad was growing increasingly larger. While it might not directly translate into substantial revenue for the club, it encourages sponsors to contribute more in sponsorship fees. This trip to Tokyo not only brought back the Toyota Cup trophy for Millwall, but they also signed five new sponsorship deals, all with Asian companies. This is a crucial way in which international influence translates into commercial revenue.

Finally, his assistant concluded, "Millwall's rapid rise from a worthless club to a wealthy European club over the years is mainly due to two points: first, their performance, and second, commercial development. Specifically, it's about capturing the fan market. All commercial income for football clubs is directly or indirectly paid for by fans—in other words, the money the team makes is ultimately from fans." 

Ridsdale silently watched the pitch as the second half was about to begin, but in his mind, he was calculating how to make the Yorkshire White Rose bloom splendidly! 

"Do you think if we offered a huge sum to lure Millwall's players, we might achieve our goal?" 

Ridsdale wanted Leeds United to become a money-making powerhouse. He believed they were just a tiny bit away from that! 

Last season, Leeds finished sixth in the league. This season, they were temporarily fifth, but the gap with the top four was widening. With the expansion of the Champions League next season, he naturally hoped his team could share that tempting cake. At the beginning of the season, he was disappointed when the attempt to bring in Martin O'Neill fell through. Unexpectedly, O'Riley gave him a surprise. 

His assistant shook his head. "The main players from the first team definitely won't come to Elland Road. The substitutes, however, might have a chance, but to bring them in, not to mention how much they'd be extorted for the transfer fee, we'd at least need to offer them 1.5 times what they earn at Millwall." 

Ridsdale replied calmly, "If Leeds can consistently qualify for the Champions League and are in contention for the league title, this is a price worth paying. Millwall spent a fortune to rebuild their team in the summer of '94, didn't they? I remember the whole of England mocked Hall for spending a transfer fee that totaled more than the top three clubs combined in the Premier League, offering salaries higher than Manchester United's first team. Many thought Millwall would definitely go bankrupt within two years, but two years later, their value had multiplied over tenfold." 

His assistant nodded. On this point, he couldn't argue with Ridsdale. If they wanted Leeds United, this white rose, to bloom, simply relying on O'Riley and a few homegrown talents wouldn't be enough. They needed to bring in high-level players to see immediate qualitative improvements in their performance. 

As the second half began, Millwall's offense was straightforward and blunt. Since the players lacked stamina, they couldn't employ a rapid, up-and-down style. When they shifted from attack to defense, they couldn't recover in time. So, they opted for the most basic form of offense. 

But Leeds United actually showed tremendous resolve. Like their young manager, David O'Riley, they carried a fierce, aggressive spirit that echoed Millwall's past. 

Aldrich, aware of the stakes, sought to change the course of the game in the second half through tactical changes, but Millwall's attack felt like thunder with no rain—full of effort yet ultimately lacking impact. With Lampard being tightly monitored, it became clear Aldrich had to find alternative ways to penetrate Leeds United's resolute defense.

As the clock ticked down in the final twenty minutes, Aldrich decided to push Southgate forward. This strategic move echoed the decisive moment when he had Helguera surge forward against Real Madrid, hoping to revive his team's fortunes in the closing moments.

Southgate surged forward, catching the Leeds United defenders by surprise as they'd developed a habit of marking closely. His sudden advance created gaps in their tight defense. Southgate darted into the penalty area, receiving a through ball from Nedved. He shot! 

The ball soared directly into the stands. 

Aldrich looked at the embarrassing blow with some regret, but he did not blame Southgate. After all, he was a defender and was not good at attacking...

After the shot, Southgate felt the back of his thigh, his expression turning painful, and he sat down. The referee, observing this, had to halt the match.

The crowd at Elland Road erupted in jeers, believing Southgate was behaving dishonorably.

"You charged in for a shot, and now that we're poised for a counter, you act like you're hurt, ruining our prime opportunity—what a travesty!"

But Southgate wasn't feigning injury; he was genuinely hurt! 

After a doctor's examination confirmed the injury, Aldrich sent a signal to substitute him. Once Southgate sat down, Aldrich had Ferdinand warm up and, after receiving confirmation from the medical staff, reluctantly submitted the substitution list. 

The cost of participating in the Toyota Cup is really too high.

As the comebacks of Larsson and Pirlo loomed on the horizon, disaster struck once more with the captain sustaining an injury.

With Southgate exiting the field, Millwall's situation quickly became precarious. The opposition pounced on the newly introduced Ferdinand, exploiting the opening to force Millwall's midfield deeper into defense. By the time Millwall finally sought to shift gears from defense to attack, their efforts faltered, marred by a sluggish advance.

As the final whistle blew at 90 minutes, the score remained 1-0, and Millwall trudged away from Elland Road in disappointment.

Leeds United's fans celebrated like it was a festival. Aldrich walked directly over to shake hands with O'Riley, who approached him enthusiastically, wanting to chat. Aldrich preferred not to engage but nodded and left the field. 

At the post-match press conference, the reporters from Fleet Street wore serious expressions. After Aldrich arrived, someone asked, "What was the reason for Millwall's loss in this match? Did you underestimate your opponents?" 

Aldrich shook his head. Underestimating? Certainly not. 

"Leeds United performed better today; they deserved to win. My players were too fatigued; we haven't fully recovered from the exhaustion of our trip to Japan. I believe in the next match, the players' performance will improve. If not, we may need to adjust our season goals and seriously consider contending for the UEFA Cup next season to complete the club's honors." 

As soon as he finished speaking, the atmosphere in the room transformed from serious and gloomy to relaxed. 

Following Millwall's journey over the years, the journalists who had long pursued the story had aged a few years. They noticed that Aldrich was also changing, growing and maturing. 

His current mindset was a perfect reflection of that. 

Losing a match didn't need to feel like the end of the world. Find the reasons, solve the problems, and don't complicate matters. He wouldn't further pressure his players or let them feel tense due to a defeat. 

There are no invincible teams in football, but to become a consistent winner, one must learn to face losses with calmness. 

After the match, Fleet Street praised both teams. 

Following the match, Fleet Street celebrated both teams, lauding Leeds United's prowess and commending Aldrich's poise under pressure.

But just four days later, after Millwall's reserves were knocked out by Martin O'Neill's Leicester City in the League Cup quarter-finals, Fleet Street's praise took a sharp turn...

Back-to-back defeats—truly a rare occurrence for Millwall.

As Christmas approaches, Millwall's performance has obviously declined. Aldrich hopes to give the starting players more time to recover and adjust their status to cope with the chaotic schedule ahead. He is not disappointed by the League Cup elimination; the League Cup was originally played by Millwall substitutes. Considering the poor performance of the substitutes, it is not surprising that they were eliminated by O'Neill's team.