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I think the answer is "it depends." If the team has one sole owner (like the Yankees) then the money goes wherever the owner wants it to go. He could even pocket it if he wants.
If the team is owned by a group or publicly held stock, then in all likelihood it would enter the books as revenue for that season to be allocated against whatever expense, investment, or retained earnings the CEO and board of directors decide. It's just another form of revenue to be used like cash from ticket sales or TV contracts can be used.
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"The type and formula of most schemes of philanthropy or humanitarianism is this: A and B put their heads together to decide what C shall be made to do for D. The radical vice of all these schemes, from a sociological point of view, is that C is not allowed a voice in the matter, and his position, character, and interests, as well as the ultimate effects on society through C's interests, are entirely overlooked. I call C the Forgotten Man"
- William Graham Sumner
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