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First, your "unless" is a big "unless".
Second, the Packers do not make an annual profit of $25.5m. $25.5m is just the declared profit of one specific year. Note the following article:
http://www.nfl.com/news/story/09000...n-bay-packers-made-record-profits-during-2011
So, GB has set record for income and profit, with annual profits of 3.1% of assets.
Yes, the unless is a bid unless. I agree that someone could invest in a team where he expected appreciation in spite of low annual income. As with any business, this could most likely happen if a team was being run poorly (from a financial perspective).