I doubt that it's profitable. A quick check on google looks like stadium attendances aren't that high, and as long as they continue to give tv coverage to the major european leagues, I can't see it being anything more than a vanity project for a few billionaires. Although I don't think it'll be long before we see those same billionaires starting to buy up some of the big european teams. They already have Inter Milan and Atletico is rumoured to be next on their shopping list.
http://www.bbc.co.uk/news/business-30910664