I haven't read the article and I haven't read every page in this thread, but I think I get the idea.
A couple thoughts:
1) Is it really possible to make money on any of the minor league teams (Amerks, Knighthawks, Bandits)? I think the best run minor league teams make barely any money. The Rochester Red Wings are publicly owned, so we can see their financials. That's considered a really well run sports team and I think they do well to tread. So, I wouldn't be surprised if all 3 teams lose money.
2) Buffalo is still one of the poorest, smallest markets in major league sports. It has very little corporate presence, so the team can't charge top dollars for suites, club seats, etc. I'm sure in-stadium/arena advertising is much less than other major league teams. Same with market size. The Sabres may have massive TV ratings, but it's still a tiny market. The small ratings in New York, Boston, Washington, etc. may equal out to similar amounts of fan engagement. (I admittedly don't know how good ratings are for any of these teams, just saying). It may take really exceptional management to make money under these conditions for an NHL franchise. Add in many years of mediocre or poor performance on-ice, and losing money doesn't seem surprising.
The NFL is a slightly different animal, with shared revenue (Thanks, Ralph), but the challenges of the Buffalo/WNY market are real. I can't judge how well PSE is run, but it may take absolute top-of-the line leadership to ever turn a profit. Just trying to add a different perspective.