Because of the excessive emphasis in winning and commercialization, it is logical to assume that the primary goals of the Major League Baseball (MLB) franchises are profit and winning maximization. In order to confirm the aforementioned theory, this study analyzed several financial-, marketing- and performance-related data of MLB from 2002-2005 to examine the relationship among cost, revenue, and winning of the teams. For the purpose of the study, all of the 30 MLB franchises were categorized into 3 tiers based on set criteria, such as, team value, revenue, payroll, attendance, and winning percentage. In general, the results supported that teams with higher payroll and revenue would significantly have better attendance and winning record. However, the relationship between winning percentage and payroll was at a moderate level (r = .616). Higher payrolls seemed to be more promising to guarantee better attendances. The relationships between winning percentage and revenue was not very strong, either (r = .457). During the observed four-year period, the payroll increased 20.1% as compared to 2.2% of performance improvement. In addition, total revenues and attendances were not significantly different among three tiers with distinct winning percentage (above 55%, 54~45%, and below 44%). These results seemed to indicate that only a small amount of top-tier teams practiced the proposed theory properly. Teams that spent too much on players' salary but not winning might create many negative consequences. Those consequences included escalating ticket prices and requesting stadium renovation or team relocation. Discussions on potential crises and recommendation for implementing a strict salary cap were addressed to ensure the interests, rights, and satisfaction of the fans. Keyword(s): recreation, sport management