That's like saying because you have $200,000 of equity in your house you're making $200,000 more per annum than your salary. Valuation puts no money in the team's pocket. It's operating income that is relevant for the current business operations and planning.

The team is owned by a limited partnership. An LP can't spend increased valuation. If it's spending goes above operating income and credit lines, the LP has to make a capital call on partners, which is what has happened in the past. That's not the business paying, it's the investors paying more on top of their investment. And since these investors have had to pony up extra money in the past for losing teams, they want the team to break even now. I can't really blame them for that.

The payroll listed in that article is low. The whole thing looks to be based a time period which would put everything related to Giants revenues at a peak. Payroll based on the start of the season rather than the $120-25M they ended up with, and revenues based on the end of the season.

The article itself notes that in 2011 Giants contributions to revenue-sharing were going to increase significantly. It does not note the significant player expenses to be incurred that JD noted. JD's points were good ones that you just dismiss without addressing. Seriously, if you think planning for future expenses is not part of the way an owner should evaluate a business, I hope you are not self-employed.

As an aside, it's hard to put complete faith in an article that starts by saying that Bill Neukom owns the team and purchased it in 1993. The team is owned by a limited partnership, not by an individual. Neukom wasn't even an investor until 1995.