Here's a poignant piece I stumbled across, talking about teams and debt. This quashes my thought that a team's owners can use the equity in the team to secure debt. Maybe. https://www.sportico.com/business/finance/2020/pro-sports-borrowing-billions-in-debt-for-pandemic-1234613560/ It doesn't cite baseball specifically, but says that sports league rules prohibit such financing. However, it says that the leagues themselves and lenders have been issuing loans to teams, and that it's not rare. I imagine that the league rules prohibiting the use of teams as collateral is so that the leagues can control to whom franchise ownership is transferred. I don't think it's illegal to seek such a loan, or even against accounting principles, but a group like the MLB ownership group doesn't want a lender to foreclose on a franchise. League owners want to approve who is let into the club. That said, leagues themselves often serve as lenders to clubs, including to offer cashflow assistance. In the case of such loans, I'm not sure what a team has to do to borrow from their league, and at what rates...and what recourse the league would have in the event that a team doesn't repay. Anyway, I thought this added to our conversation...