I don't think revenue really matters at all in the long term. Revenue goes to payroll. Revenue goes down, payroll goes down. Value doesn't necessarily change. I think you have to take off your business hat when thinking about pro sports teams. These are toys for billionaires, like luxury cars or yachts. Nobody buys a Masarati because it's a good investment. Really the 'value' of a sports franchise is whatever a buyer is willing to pay for it, and in the case of pro sports teams there is way more demand than supply. There's some value in capital (stadiums etc.) but the main reason the Milwaukee Brewers are worth twice as much as they used to be is because billionaires have doubled their net worth in the last 10 years and the number of sports team toys has remained essentially constant. Just look at what people are paying for MLS teams, which is a sports league that bleeds money There definitely is a supply and demand issue that has driven up the overall value of sports teams. However, revenues are absolutely important in determining the value of a franchise. Teams trade on a multiple of revenue for a reason. The revenue multiples aren't the same for all teams of course. Big markets like New York, Chicago and LA will have higher multiples than those in Pittsburgh, Milwaukee, Cleveland and Kansas City. Owning a big market team offers greater notoriety, greater growth potential, larger pool of buyers, etc. But there is a reason that the Yankees are worth twice what the Mets are. They play in the same market both with newer stadiums. While owning the Yankees would be a bigger feather in your cap than owning the Mets, it's not worth double. The reason for the difference in value is that the Yankees produce roughly twice the annual revenues. Another way to look at it is let's assume Mark A. was willing to sell the Brewers for $1 billion. After arriving at that decision, Fox comes in and tears up the existing local TV deal and triples the carriage fees. American Family decided to kick in an extra $10 million a year in naming rights. Suddenly the Brewers revenues are up $50 million per year. Which team would you rather own? The team that generates X in revenue or the one that generates X + $50 million? I suspect we would all rather own the latter and accordingly, would be willing to pay more to do so. Thus the franchise value would go up due to the increase in revenues. Certainly Mark A. would not be willing to sell the same team for $1 billion after suddenly adding $50 million in annual revenues.