No one should have any hopes that Carl Icahn, who on Thursday disclosed an 11.3 percent stake in the video game maker, can ride to the rescue. Not only have his efforts fizzled at several other companies in the past few years–Yahoo (YHOO), Blockbuster (BBI), Motorola (MOT), to name a few – but the fundamental issues at Take-Two aren’t easy to fix.

After all, the current management team led by media veteran Strauss Zelnick, was voted in with the support of another group of investors in a proxy battle in 2007 amid unhappiness over the previous management. So far, the Zelnick team has conspicuously failed to resolve Take-Two’s major challenges.

Consider: In fiscal 2007, the year the Zelnick team took over, revenue was $981.8 million and the net loss was $138.4 million. In fiscal 2009, which ended Oct. 31, Take-Two reported a loss of $137.9 million on revenue of $968.5 million. It has projected another loss next year. One real difference between 2007 and now: Take-Two’s stock price, around $20 when Mr. Zelnick and colleagues took over, is today less than half that level, even after a bump on news of Mr. Icahn’s increased investment.

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