Other empirical evidence also help in assessing the varied objectives of football clubs. For example, Tottenham Hotspur, unlike the majority of English football clubs, is publicly owned and shares in the club are traded on the London Stock Exchange. In contrast of the utility function. Wages for Tottenham in 2006-7 and 2007-8 were £ 44m and £ 53m respectively. Over these two seasons, they declared profits of £ 30m (in 2008) and £ 27m (in 2007). Without further empirical research, it is not possible to assess whether profit maximization is Tottenham Hotspur’s objective. However, its modus operandi suggests that it needs to report profits given that the club is predominantly owned by investors and shareholders. Another interesting dimension to note is that there is a growing number of football clubs in which significant portions of the club are owned by the supporters and fans: supporters’ trusts. Example include Exeter City, Stockport County and Notts County. Clubs of this ownership structure are likely to behave differently from others. They might place less emphasis on playing success and more on attendance and the club’s financial health