Because of the clock, the three-quarters of us who live in eastern and central time zone don't get to see those clubs as much, don't get to see the highlights on Sports Center. For a nightly league that is largely dependent on national television revenue, that's a big issue.
When was the last time somebody cheered for T-bill interest rates? But you cheer when your team is on the court, so there is a lot to be said for the psychic value of owning a sports team.
Time Warner will need to take the NFL Network on. Their subscribers will demand it. Plus, Time Warner needs the NFL Network more than some channel about gardening or something like that.