I think there are a few important points missing so far. 1. Player payroll is only a fraction of the Brewers overall financial picture. 2. Some organizations don’t make a profit on paper because they adjust their bond/debt lending payments owed towards both past and on-going capital projects to negate their cash surplus (to maximize amount paid towards debts). 3. Haudricourt and Nightengale don’t know the Brewers finances, and even if they knew for certain the team “operated in the red” they don’t even know what factors are included in the accounting for that claim. Do the teams owners and investors receive annual payouts that are accounted for among the teams expenses? To give a better idea of how little we know here are some things that are likely factored as part of the Brewers revenue and expenses (not a complete list by any means). Revenue Streams MLB Revenue Sharing: In Major League Baseball, 48% of local revenues are subject to revenue sharing and are distributed equally among all 30 teams, with each team receiving 3.3% of the total sum generated. As a result, in 2018, each team received $118 million from this pot. Teams also receive a share of national revenues, which were estimated to be $91 million per team, also in 2018. (Link) Regional Network TV Partnership Agreement MLB Advanced Media Rights Agreements: MLBAM payments appear to vary, but remain healthy. We know that the sale of their digital content spinoff, BAM Tech, resulted in distributing each team a lump sum of $50 million in 2018 when the company was sold to Disney for over $1 billion. Ticket Sales Suites & Premium Seating Sales Parking Sales Sponsorship Agreements Merchandise Sales: Used to be a third party retailer, I believe the team took the operation in-house. Concessions and Catering: Operated by third party Delaware North, Brewers take is likely a 50% split of the revenue less expenses. Facility/Event Rentals Concerts/Special Events: By owning and operating Miller Park the Brewers have a six figure take home even after accounting for expenses and promoter/talent payouts every time they host a concert. Expenses Player / Coaches Salaries, Bonuses, and Benefits: Includes more than just the MLB team obviously. Team and Staff Travel: Plenty of expense throughout the organization, but the big ticket cost is chartered flights and buses. Hotels Team and Media Meals/Catering Operational Costs: So much goes into this category that I am certain most people would be truly astounded to know the actual number. Just to list a bunch of random things that go in this category (I’m missing plenty): Equipment, Marketing/Promotions Costs, Ticketing, Telecom (including Cell Phones), IT Infrastructure / Software, Signage, Printing, Office Items/Supplies, Portable Restrooms, Facility Amenities, Heating/Cooling, Water, etc. Facility Maintenance Costs: With an aging retractable roof I am guessing Miller Park is much more expensive to maintain. Also, a lot of cost is put into maintaining the playing surface, training areas, etc. The building likely also requires a significant amount of annual maintenance. Capital Projects: They have been pretty consistent about updating areas of the facility. Recently Concessions and this year the Outfield Seating Area have been major projects. A new scoreboard/video board (including relevant technological upgrades) falls in this category as well. Audio and stadium lighting are a couple of other big ticket items when replaced. Debts / Loans / Bond Payments Full-Time Organization Staff Salaries and Benefits: 100’s of full-time employees within the organization. Part-Time and Outsources Staffing Costs: Includes game day staff (parking attendants, ushers, security, law enforcement, etc.) as well as outsourced services such as Custodial staffing. Other Miscellaneous Considerations Minor League Infrastructure Costs Carolina Mudcats: Includes teams overall operating revenue and expenses since they are property of the ownership group. Maryvale Spring Training Facility: Significant capital project to renovate/build complex. Annual operating costs. Taxes: MLB teams are obviously not tax exempt. Paying Investor Dividends: This is seemingly a big unknown. Do the Brewers annually distribute profits to investors? If that is the case the Brewers could be “in the red”, but a contributing factor could be distributing millions of dollars to their investors. As I mentioned in the open, this is far from a complete list, but hopefully conveys the point that there is a multitude of factors impacting the Brewers financial breakdown and the details of the accounting are much more important than a generalized “in the black” or “in the red” assessment.