A lot of these owners are on ego-trips. They care less about profit and more about how good they and their little toy looks. Rajasthan is not one of those teams, so maybe that has an effect, otherwise I bet they could squeeze millions out of Mallya.
I think Goughy compared some teams in English football as being expensive toys to their owners. That's such a great term because that's exactly what IPL teams are to people like Mallya.