be forced to lower their payroll even more, making their team even worse.There are ways to solve these problems though. To solve competitive imbalances there must be a higher amount of revenue sharing and luxury taxes for teams with payrolls over a certain amount. If this is done then small market teams like the Twins will be able to sign high priced players and maybe become competitive once again. To solve the problem of falling attendance, the obvious answer is to lower ticket prices, but it doesn't look like that will ever happen, so events, like kids days and other types of promotions have to be used to bring fans back to the park.Despite these problems, sports overall is a profitable industry. Profits can be made several different ways. One way is through sponsorship. Often big companies will sponsor individual players or even whole teams and hope that people will go out and buy the product being sponsored by their favorite player or team. This is profitable for both the sponsors, because they make money from the product being sold and it is also profitable for the team or player, because the sponsor pays them.Another way to make a profit in sports is through merchandising. Merchandise includes everything from clothing and apparel to books and video games. Merchandising is profitable for both the company selling the goods and the team or player being marketed, because the team or player will receive a certain amount of the profits.A third way to make a profit in sports is through broadcasting rights. Television and radio networks pay to have the rights to broadcast certain teams. This benefits both the team and the broadcaster. The team receives the money from the broadcaster and the broadcaster makes money by selling commercial time, and it also gives them an opportunity to advertise other shows on their network.A perfect example of how a team and the companies connected to it make a profit in sports is the New York Ya...
