What are the factors that determine the profitability of owning a football club?

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People own and run football clubs as commercial ventures. Pointers are on the direction of it being a good and lucrative business.

What are the factors that can determine the profitability of a business that is concerned with running a football club?
 
Even though you get a source of income from the football club you manage such as from selling original uniforms, sponsorships, ticket sales, broadcasting rights, player sales, and prizes. However, if you calculate carefully, in general, the owner/manager of the football club loses like in European clubs. You can imagine that the income from ticket sales is only around 15%, and other income is not comparable to the cost of player transfers.
 
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