"The small market teams in baseball always lose money. The large market teams in baseball generally lose money. There are only a handful of teams that turn an operating profit, and they cry all the way to the bank, because this is not the way the game is played in baseball. In baseball you don't need to make money year to year because no franchise is ever sold for less than the owner payed for it since the mid-1940s. The game is capital gains. You buy low. You sell high. And if you take some operating losses along the way, so what? They're miniscule."