Borrowing on the equity is a stupid way to run a business ( it’s what got Selig into, trouble) and we don’t know how much profit they are making.
The Brewers play in baseball’s smallest market and last year had a payroll that ranked 18th……not really sure why people think they are cheap.
If you’re mad about the payroll blame the system……..
https://www.spotrac.com/mlb/payroll/_/year/2025