The Red Sox are a business ( privately owned limited partnership ). As such, one of their prime directives is the maximization of profit. However, it is not the only one. Certainly, asset management must also be considered. This due to the major effect it has on the market value of the business. So what are assets and how are they managed ? To some its the players ( roster ). But you must also factor in the minor league system, scouting, etc. Another obvious consideration is the physical assets, in this case Fenway Park ( as well as other property acquisitions ). Management has done a fantastic job of making improvements to an old ( be it beloved ) Fenway Park. Let's take a look at some.
Improvements to Physical Assets :
.....Infield Field Box Seats : Added 2-3 rows of Field Box seating between the dugouts.
.....Green Monster Seats : Added 3 rows, standing room, luxury box, concessions, etc.
.....Bleachers Concourse : Added an expanded concourse and rest rooms.
.....Players Facilities...... : Added totally new facilities for players, batting cages, video, weight room, doctor/trainer, players lounge, etc.
.....Outside Concourse... : Added the outdoor access to Yawkey Way before, during and after games. Where you can eat, drink, shop, have a smoke, and still watch the Sox.
.....Budwieser Deck....... : Added both table seating and a bar on the right field roof.
.....Removed 406 Club... : Replaced 406 Club and Infield Roof Box with the EMC Club, the Pavilion Club, Pavilion Seating,standing room, new restaurants, rest rooms, and better seats.
So lets see the Sox ( under John Henry ) have improved Fenway by providing more seating, better fan and player accommodations,, and repaired the structural integrity of the building. This wasn't done for free.
Red Sox Players......... : The Sox have made the play-offs the last three years ( while winning a WS ), they have drastically improved their farm system in terms of talent, scouting, and facilities ( the Academy in the Dominican, etc. ). Not resigning Pedro and Damon came down to cost and length of contract. We'll see what happens in years three and four. But its a business decision called risk analysis.
Revenue Streams ........ : The Sox have a controlling interest in NESN, however their income is structured so the that only the broadcasting rights count against revenue sharing ( same as the Yanks with the Yes network ). This is a smart business move. The Sox rarely miss an opportunity to cash in on these. Examples would include, "Official" Red Sox sponsorships, Red Sox Nation cards, and franchise fees ( example Mass Lottery ). Then there's the new radio contract. They got this because of the high demand and interest in the Red Sox.
Good Will............................. : The Red Sox have always had interest and public demand. In the last five or six years it has been phenomenal. What is our number of consecutive sellouts ? Tickets sell at premiums that are gladly payed. This translates to additional revenue for broadcasting rights and for market value.
In summary, the Red Sox owners and management have done exactly what any good management team would do. They have increased profitably, product, and market value.