I was looking at the nhl media deal and it didn't seem like much on a per team basis. NHL has a 85 million annual salary cap. Even with ticket sales and other revenues I was having a hard time seeing how they would be cash flow positive.

So I started looking at nba teams and it seemed while maybe they are closer to break even but they likely aren't cash flow positive either. So are sports teams just a money pit that increase in value becaus they are a status symbol?