Can the revenue-rich National Football League really be tax-exempt? IRS says yes

Not sure if this is "hacker news" relevant - but I've seen this brought up enough times, that when its stated its usually nothing more than an attention grab to capitalize on the "1% vs 99%" media trend and the fact that the average joe won't actually look into how NFL financials actually works.

Simply put the NFL (the league) doesn't actually make any profits. It simply collects all the money that the entire organization makes (ticket sales, tv deals, etc), pays its own bills, and whatever is left, is split evenly to the owners of the 32 teams - which then the individual owners have the liability of paying taxes for. So all that money they do make is eventually taxed, just not by the NFL (the league).

A quick Google can clear that up, but this "news site" is more interested in spreading half truths (like using the term "revenue-rich"). Whatever you can do to get page views, I suppose.