You have a very loose understanding of the accounting concepts here. They are cash flow negative, this isn’t just amortization coming off some long held or stepped up intangible. Their amort is the expensing of acquired player contracts, which they have to pay actual cash for, so it isn’t just a tax shield they’ve fabricated. If you look on a cash basis (eg swap out D&A for Capex and acquisition of intangibles) the business is still CF negative.