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The man named as one of the richest in football in a recent survey by The Times announced his decision this evening, having stepped down as chairman just before Christmas after a string of fan protests calling for his resignation.
In a statement released to the press, the director made clear his intentions: "Having considered my position with great care over the past few months and
"It has been a real pleasure to be associated with Millwall over the years and I would like to wish everyone associated with the Club the best of luck and my good wishes for the future."
Paphitis took over in May 1997 after The Lions escaped administration. His first season in charge saw the club almost drop to the lowest tier of English football but the following season started an unprecidented run of success that saw the club reach Wembley, two play-offs, claim the Second Division Championship and compete in the FA Cup Final, not to mention a berth in the UEFA Cup the season before last.
But the events of May 2nd, 2002 cast a shadow over his reign and some fans took exception to the draconian measures introduced after the riots that followed the Birmingham City defeat in the play-offs. A ban on non-members to away games was particularly unpopular and the introduction of trivial banning orders for minor offences - including swearing and refusing to hand over the tops of water bottles - led to a number of protests.
The final straw came in the home defeat to Crewe Alexandra last season, which sparked mass protests outside the club's reception area, leading to Paphitis to hand over the club to Peter De Savary.