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No, I'm not. Yes, they have a huge salary burden. But I'd be curious to see, for example, the licensing revenue figures.

I'm skeptical as well, particularly with, for example, the Rangers claiming a $40 million loss in '02-'03.

Agreed. Lies, damned lies and statistics, and all that. But, I have no problem believing that there are teams operating at a loss.

Related topic: during the 2002-03 season, 19 of the 30 clubs operated at a loss, which averaged $18 million US (source, MSNBC). The 2003-04 season figures, as far as I can find, are being held back because of the current mess.