Cash flow... that's what business runs on. Of course, they're never going to see those financial statements (statement of cash flows). Private "companies". That's why I'd like to know the source of these valuations and income numbers. They coming from the teams?
And you're right... gross profit (which is a line item above net income) is even less meanngful.
To me, it's this simple:
Kroenke made a promise of sorts to the people of St. Louis and MO. He ought to live up to his word.
IF he starts producing a successful product in St. Louis, the franchise will march up the ranks in terms of value and income.
While the VALUE of the franchise will likely go up in L.A. (and I think a lot of the value will be tied up in assets, like the land and building... again, paper only unless he sells... which it appears he never does?) the cash flow and net income levels are unknown to us... I'm sure Kroenke has those estimates down to a science... but how much more will he actually make?
Takes a LOT of modeling to figure that stuff out. And, no matter how much modeling you do, a lot depends on consumers... and we know how fickle THEY can be!