Winning franchises can accrue value, too. That’s why I always laugh at opposing fan bases when they mock a losing team’s poor attendance. It’s not that they are “fair weather fans” necessarily, but not buying tickets and not going to games/buying merchandise is the fan’s only way to impact ownership’s handling of a team. Now, profit-sharing and TV revenue makes that impact less, financially, but you can at least shame them for their mismanagement with empty seats.