When Boston’s Wang Center announced last month that it was severing ties with the perpetually strapped Boston Ballet, and that it would replace the company’s Nutcracker performances with a touring Rockettes show next season, it was seen as a severe blow to the ballet company. But upon closer inspection, it may be the Wang Center which is in the more serious fiscal hole: “It has steadily been beaten out for marquee productions by for-profit Broadway in Boston, a division of Clear Channel Entertainment… And the Wang’s attempts to invest in productions such as last month’s Thoroughly Modern Millie have so far resulted in losses.”