Applying Sloane’s utility function to today’s clubs, Chelsea, for example, would be an example of a club that places higher priority on playing success over average attendance and financial constraints. The evidence for this is the substantial investment that the club has made in its staff over the past season. In 2006-7, it spent £ 132m on wages and salaries. The following season, this increased to £ 172m. During this period, its operating loss of £ 16m worsened to £ 31m (Deloitte 1999). Chelsea finished second in both seasons behind Manchester United. Clearly, Chelsea’s priority is playing success and this dominates other objectives within the utility function. For this reason, Chelsea’s accumulation of playing talent is very high, in both absolute and relative terms. By comparison, Manchester United, who came first in these to seasons, spent £ 92m in 2006-7 and £ 121m in 2007-8, an increase of £ 29m compared with Chelsea’s increase in wage of £ 40m