Attendance reached a record low in 1985 with an annual attendance of 16m spectator, an average of 7,900 per game. The need for major structural changes in football was evident. Gratton (2000) notes three structural changes in English football during the second half of the 1980s and the early 1990s. The first of these was the impact of the Taylor Report, an inquiry commissioned by the government following the Hillsborough disaster. One of the Report’s recommendations was for all stadiums in the top division of English league football to become all – seater by the start of the 1994 – 5 season. Another structural change was the breakaway of the top teams to from the Premier League. The creation of the Premier League combined with record revenues from the broadcast sector effectively created a new type of football. The revenues from the broadcasters meant that football clubs were able to spend significantly more than they were used to on acquiring players. Many of these players were from foreign leagues and this marked the start of the influx of foreign football superstars. A third change noted by Gratton was the change in status of a small but significant number of clubs. Clubs issued public share offers and become public limited companies floated on stock markets. This shift in ownership model from limited companies to public limited companies was (in theory) accompanied by a shift in objectives. These clubs would now have to operate on commercial ground and be accountable to shareholders and investors. Tottenham Hotspur was the first to make this change in 1983, and was followed by Millwall in 1989 and Manchester United in 1991. Another 16 clubs floated some or all of their equity on the market between October 1995 and October 1997 (Buraimo et al. 2006). Football’s move into commercial markets, like broadcasting, brought additional resources to the game and clubs were able to use these to further enhance their playing squads