Yup, Look at Toros Neza (mexican soccer team). They play in the biggest city of the world (population) and they are a very very small market team here and have a lot of money (Carlos Slim is the Owner who btw has a telco and network company among a lot of companies). I already put a lot of examples as well, in other sports and countries. LA Clippers, El Atletico de Madrid, Everton, etc; they play in big market territories but they are not big market teams at all.