In general, I get the sentiment, I really do. But with the Sox last five years, it is really easy to see otherwise.
#1, COVID blew up revenue streams in both 2020 and 2021. Not only was the ballpark somewhere between closed and limited for most of those two seasons, they also missed the buzz of the fan base getting to live in person through the first back to back playoff appearances in the history of the franchise.
#2, As Sox payroll began to climb in 2021 and onwards, the teams finances did NOT follow. The teams 2021 attendance was actually at the time the lowest attendance in the 21st century by the Sox. While the 2022 attendance did pick back up, in 2022, the excitement behind the team was already starting to fade in 2021, as the team that did finish in 1st and 24 games over .500, essentially played a .500 second half, then followed it up with a full season of .500 in 2022, and saw attendance drop by 300k fans from 22 to 23.
#3 Sox payroll spiked during this time period, even as the fans were ebbing, peaking at $193 million in 2022, and only dropping slightly (about 7%) in 2023 to $181 million, with attendance falling by 15% from 22 to 23.
#4 obviously the attendance crash continued into 2024, with Sox turnstyles down about 35% from its peak in 2022. I would be willing to bet that for as much as attendance fell, so did outside advertising dollars and parking revenues.
#5, The Sox played a large chunk of 2025 without essentially any TV money. Sure they might have made a few bucks from streaming themselves, and the advertising dollars they kept directly, instead of dollar flowing through a TV deal, but it was a tiny sliver of what they were used to coming in.
#6, Forbes has shown the team with loses since 2020.
#7, The Ishbia deal expressly said that he was paying down debt accumulated by the team. Since this team isn't making a mortgage payment on a stadium, literally it has to be operations debt, which agrees with all of the rest of the above points. I am about 90% certain, Jerry doesn't make this deal if he isn't personally losing money, because there is no other reason for him to want to sell the team before his death when the tax conditions are the most ideal.