Time out here. :? Yes of course net assets are not the same as profit.
However $7 million in cash and equivalents is about as liquid as it gets, and the $15M is in bond FUNDS not bonds awaiting some future maturity. Those are relatively liquid too.
Of course the physical plant and infrastructure are not liquid, but that $22M is leftover liquid assets or cash from somewhere including the following:
Profits from prior seasons as stated PLUS
2009's $3M profit PLUS
Additional capital investments in the team by any of the ownership interests.
Also note for those suspicious, the $10M in "Football Operations" for expenses would be the worthy of scrutiny more than the other expense categories it appears. I wouldn't bother, but for those who care that much go for it if you can manage to find what within those looks like more than just a routine operating expense (salaries, equipment, travel, team medical, FOOD, et cetera).
A certain amount of such expenses in many a corporation or other business entity, even in a small business, are really items that are a convenient tax write-off too.
Though these items have a primary business purpose they also have material and intangible PERSONAL benefits. In other words, expensing such items in addition to other routine ones is a clever way to derive some sort of additional income without having to call it as such, for otherwise one would have to pay for such items more on an AFTER-tax basis personally rather than on a PRE-tax basis when expensed under the business umbrella.
Most anyone who owns a business knows these legal tricks for sake of reducing the tax burden at tax time and to diminish the public perception how well they are doing, for when such an entity shows it has that much more or "too much free cash" a whole lot more greedy and other prying eyes take notice.