Tomorrow's Fish and Chips Paper

The Miami Herald claims that the sky has already fallen in on baseball and that even the cash-cow Yankees are bleeding money (and apparently mixed metaphors).

[T]he New York Yankees, baseball's most valuable franchise, is projecting losses of between $30 million and $35 million this season, the steepest loss in the team's storied history.

Can this truly be believed? The Yankees losing money?

The Herald article goes on to say that the Yankees claim "baseball's newly mandated luxury tax and revenue-sharing requirements, which are expected to cost the team about $60 million, double what they paid last season when there was no luxury tax."

So if this is the cause and it doubled this year, then that would mean that the Yankees broke even in 2002. Does anyone believe that?

I'm sure that if the Yankees are losing anywhere near $30 M, then it is a paper loss and nothing more. The club reorganized under the YankeeNets umbrella and they started the YES network.

How can this be anything more than creative accounting?