THE true extent of the 1990s fall from grace of Peter de Savary, one of Britain’s most colourful entrepreneurs, has been revealed for the first time. De Savary has been forced to admit his empire collapsed with debts of more than £700m — five times more than had been reported previously — after taking over as chairman of Millwall, the football club that is quoted on AIM.

The details are included in a document sent to Millwall shareholders last week in connection with a £5m placing.

The document includes details of 14 companies linked to De Savary that either collapsed or were wound up between 1992 and 1994, including Aldersgate Developments — which had an estimated “shortfall to creditors” of £186m when administrative receivers were appointed — and Falmouth Developments Limited, which had a shortfall of £118m. The combined shortfall totals £715m.

In the early 1990s De Savary came close to joining Britain’s richest 100. A regular on the pages of Hello, his property empire stretched from Land’s End to John o’Groats and included Skibo Castle in Scotland and a Tudor mansion in Berkshire.

But he was best known for his audacious attempt to win the America’s Cup in the 1980s. The bid was aborted in 1991 due to lack of funds.

The document sent to Millwall shareholders last week also contains details of a highly unusual and potentially lucrative option deal that gives De Savary the right to buy up to 10% of Millwall at 0.04p a share at any point in the next seven years.

De Savary is drawing up plans to redevelop both the club’s ground and property in the immediate area.

Despite his ambitious plans De Savary warns Millwall shareholders that the club has overstretched itself in recent years. “It is clear to me that over the past few years the club has punched above its weight and has continued to play ambitious football despite low home gates and limited income,” he wrote.