If MLB owners wanted to, they could syndicate out both the revenue and the debt. But, they don't want to.
People still go see the Harlem Globetrotters play, even though they always win. At least, in MLB, the big money teams have the decency to lose most of the time :-)
Hey the Twins have managed through the height of the Yankee prowess and have remained more then competitive. And with a little luck they will win a couple more championships ('87 & '91) with this nucleus they have in place now. The M & M boys.