Team revenue was projected above $50m for 2015.
http://www.theglobeandmail.com/sport...ticle16320629/
and attendance was higher than projection - no link sorry ( personal source )
MLSE doesnt think individual team cash flow, they think enterprise value and upside potential.
TFC are not bleeding cash. Unless you consider the SUM parallel business as not TFC (which technically is true).
if a presentation to a stakeholder like the city or a player union needs to get written to show there is no money, cherry pick what ever parts of the business you want to show.