Millwall could be forced to sell players after announcing a pre-tax loss of £2.4m for the six-month period ending last November.
De Savary is out to cut costs at Millwall
The club's attendances have fallen which has contributed to a loss that is £600,000 greater than for the same period in 2004.
Losses for the equivalent six months in 2004 of £1.8m were eased by the sale of Tim Cahill to Everton for £1.5m.
Chairman Peter de Savary has vowed to continue to cut costs.
"Further reductions will be sought and, as ever, the option of player sales remains open to the board," said De Savary in a statement to the London Stock Exchange.
"Should relegation to League One occur, the Board have contingency plans in place to take account of this change of status.
"With 13 players' contracts expiring during the close season, we are in a strong position to plan the size of our squad accordingly.
"However, our primary aim, given such an eventuality, would be to resource a strong challenge for automatic promotion in 2006-07."