Only they can depreciate employees. So it is in their interest to assign a low value to the franchise for tax purposes and a high value to players' contracts in order to maximize depreciation. For this reason, owners will sometimes try to re-define the purchase price in order to increase the basis on which they can depreciate. Perhaps other readers can enlarge on this. Typically, the player contracts are written off as depreciable assets over 3 to 7 years.
Most people are aware of escalating player salaries and their connection to troubles in pro sports.
People seem to be less aware that the salaries are increasingly subsidized by taxes. Players are becoming privileged government workers. We might think of them as G-95s. As long as they keep moving and do their job, they know they can not be fired unless they commit mass murder in front of multiple witnesses. There is less and less connection between fans' salaries and player salaries, which used to be in the same ballpark.