As mentioned, you don’t really need to see the books to know they aren’t killing it. Besides 50% to salaries, what about payouts for benefits/pension, I assume they pay a giant payroll tax like every other company. Now marketing costs, stadium upkeep, finance charges, blah blah.. then if some team like the Dodgers can show a $200m net at the bottom, people will be like “they’re killing it, greedy f***s”.. God forbid you pay $5b for a business and make $200m at the end (4% cap or whatever)