Bingo. This is the main point. If you acquire a sports franchise for $XX, it will almost certainly be worth several multiples of $XX in a decade or two. Best investment you can find.
If you are running the sports franchise to try to make a net profit every year, you are doing it wrong. Penny-wise but pound foolish. Nothing increases overall franchise value more than winning. Win a lot, build brand awareness, pack stadiums, win championships, get more sponsorships, sell more merchandise, that $XX investment might become 10 times $XX. Squeezing payroll to turn a profit hurts your investment.
Dolan, Castellini, and others are undoubtedly very smart business owners, they know how to turn a profit annually. But taking some net losses by investing in championship caliber players and coaches will help your long-term investment more.
End rant.