As a retired accountant and financial analyst, I'd like to - and am trying to - find the key sources of these multi-million dollar losses. For starters, a fairly detailed P & L (profit & loss) statement - especially one that distinguishes between active and passive gains & losses. Passive losses, like depreciation and amortization can be SIZEABLE ... and BENEFICIAL for tax and cashflow purposes. I'd like to think its investors are keenly aware of such things. It could also be a tool/excuse to keep the players expenses/salaries low. It doesn't automatically mean the cashflow is a problem.