Florida may be the overall No. 1 seed in the NCAA mens basketball tournament, but the University of Tennessee is a much more valuable team, financially speaking.
UT is a sparkling No. 15 on Forbes’ 2014 list of the most valuable college basketball teams, with a team value of $14.1 million and a profit of $8.5 million.
Among its Southeastern Conference foes, the Vols trail only Kentucky, NO. 3 on the Forbes list with a team value of $32.5 million. But UT is well ahead of the Gators who finished outside Forbes’ Top 20 with a team value of $10 million +.
The financial details for the current rankings are from the 2012-2013 season and come from the U.S. Department of Education database, says Forbes, which published its 2014 list on Monday.
Ticket sales, alumni contributions, parking and concessions and NCAA tourney payouts are among the revenue sources cited by Forbes.
“Unlike our professional sports valuations, our college basketball values don’t represent what a team would sell for on the open market; as college teams, they obviously cannot be bought or sold. Instead, we use a weighted methodology to determine how much value the top college basketball teams generate for their athletic departments, universities and fellow conference members,” Forbes’ writer Chris Smith reports.
No. 1 on the Forbes list for the third straight year is Louisville with a team value of $39.5 million and a sizzling profit of $24.7 million.
The Vols lofty Forbes ranking continues to benefit from the tournament payout earned by the 2010 team, which made the NCAA Elite Eight and came within a whisker of the school’s first Final Four.
The Vols play their first NCAA tournament game since 2011 on Wednesday when they go up against Iowa.
Click here for the Forbes report.
Alcoa Inc. Location Manager Ken McMillen, left, Sen. Lamar Alexander, Alcoa CEO Klaus Kleinfeld, U.S. Rep. John J. Duncan Jr., and Gov. Bill Haslam arrive for a groundbreaking for a $275 million expansion of the Alcoa Inc. rolling mill to produce automotive sheet aluminum on Thursday, Aug. 29, 2013, in Alcoa. (Paul Efird/News Sentinel)
The news hasn’t been good this week for aluminum manufacturer Alcoa Inc.
It’s stock price is tumbling, a Duetsche Bank analyst downgraded the stock to sell and forecasters were predicting aluminum prices would fall 12 percent or more over the next two years.
All this on the heels of Alcoa being booted last month from the Dow Jones Industrial Average.
The future of Alcoa, which recently announced plans for a $275 million expansion of its Blount County manufacturing operation, will have a significant impact on the East Tennessee economy. The company is investing in a plant upgrade in a move to take advantage of rising demand for aluminum by auto makers.
Alcoa will kickoff earnings season with the release of its quarterly financial report on Tuesday.
Given recent headlines it will be interesting to see how the company performed last quarter and its outlook for the near future.
Deutsche Bank analyst Jorge Beristain told Forbes the company should spin-off its primary metals business to ease its cash-flow problems.
Click the headlines below for more details: CNNMoney: Alcoa CEO on debt ceiling Motley Fool: Why Alcoa doesn’t seem so shiny Forbes: Alcoa’s $1.2 Billion Drag: Analyst Makes Case For Breakup
Knoxville businessman Jimmy Haslam is No. 831 on the 2013
Forbes list of the world’s billionaires.
The CEO of Pilot Flying J and owner of the Cleveland Browns
has a net worth of $1.8 billion, according to Forbes.
“Pilot is one of the country’s largest privately held
companies, with $29 billion in sales. He gets most of his fortune from his 35%
share of his family’s 59% stake in Pilot,” Forbes reports.
Some 1,426 names are on this year’s world list. Carlos Slim,
a telecom magnate from Mexico, is again the world’s richest man with a net worth of $73 billion. Microsoft founder Bill Gates is No. 2 with a
net worth of $67 billion.
Disneyland may be the happiest place on earth, but Knoxville has some of the happiest workers in the country.
So says CareerBliss, a website “dedicated to helping you find happiness in the workplace and therefore in life.”
Knoxville is No. 2 on the CareerBliss list of the “10 Happiest Cities For Workers.”
The happiest city is Dayton.
At the request of Forbes, CareerBliss asked 36,000 workers across the country to evaluate a variety of factors that affect workplace happiness. Things like growth opportunities, relationships with bosses and co-workers, compensation, company culture and work environment.
Facebook’s much-anticipated IPO is expected this Friday. Should you invest? Or is the smarter move to hang on to your money?
Everybody has an opinion about investing in the social media goliath. Some experts say Facebook CEO Mark Zuckerberg is too young to run a major company — he turned 28 today. Others say Facebook is the biggest investment opportunity of all time.
Regardless of how you or your broker feel about the company, it will be one of the largest IPOs in history and it will make Zuckerberg and other Facebook executives even richer.
He’s a sample of what pundits from Wall Street to Silicon Valley are saying.