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.
University of Tennessee economists predict modest improvement in the Tennessee and national economies in 2014, according to fall 2013 Tennessee Business and Economic Outlook released Thursday.
“While growth is subdued due to reduced federal government spending and a global slowdown, the expansion has shown a much-welcomed resilience,” said Matt Murray, associate director of UT’s Center for Business and Economic Research and the report’s author.
“The outlook for 2014 is encouraging, but the economy continues to confront a number of domestic and international challenges,” Murray added.
Residential and non residential fixed investments and exports will drive growth next year, while reduced federal and state government spending “will be the primary drags on growth,” Murray said.
Unemployment will continue to fall in 2014, but a decline in labor force participation continues to be a problem, the report says.
The state’s unemployment rate, however, will average 8.2 percent for 2013, compared to 7.6 percent for the nation. Tennessee’s unemployment rate was 8 percent last year and is expected to drop to 7.6 percent in 2014 and 7 percent in 2015, according to a news release.
Other highlights from the report:
Personal income in Tennessee is expected to grow 2.6 percent this year, slightly lower than the nation’s 2.7 percent rate of growth, and improve to 4.4 percent in 2014.
Professional and business services, leisure and hospitality services, and manufacturing sectors will see marginally slower growth next year compared to this year.
Eating and drinking establishments and food stores will experience strong growth this year.
Taxable sales growth for 2013 is expected to be 3.2 percent, well behind the 4.7 percent growth rate of 2012. It will see modest improvement in 2014 to a projected 3.5 percent.
Automobile dealer sales were especially hot in 2012, up 10.1 percent, as consumers continued to satisfy their demands for vehicle upgrades. A cooling of sales will take place this year, with a rebound to 4.4 percent growth in 2014.
Click here for the full CBER report.
Despite cuts in government spending and payroll tax increases, the state and national economies are poised for solid growth in 2014 and 2015, a University of Tennessee report says.
Driving the growth are improved job creation, surging vehicle sales and a recovering housing market, according to the spring 2013 Tennessee Business and Economic Outlook.
“The economy has finally found a firm footing,” Matt Murray, associate director of the UT Center for Business and Economic Research and the report’s author, said in a news release “This will be the third year of payroll employment growth and a falling unemployment rate following the Great Recession.”
Nationally, payrolls are expected to grow 1.5 percent this year and 1.6 percent in 2014, the report said.
Tennessee’s economy will continue modest growth this year, but should be “substantially stronger”in 2014, University of Tennessee economists said today.
On the national scene, the economy is expected to grow slowly in the coming months with a steady decline in the unemployment rate, according to the annual economic forecast prepared for the governor by UT’s Center for Business and Economic Research.
“The U.S. economy is projected to continue to grow in the quarters ahead and the unemployment rate will continue its slow but steady decline,” said Matt Murray, associate director of CBER and the report’s author. “For Tennessee, the economic outlook calls for modest growth in 2013 followed by substantially stronger growth in 2014.”
What a difference a year makes. The University of Tennessee’s full-time Master of Business Administration program is among the best MBA programs in the country, according to Bloomberg Businessweek’s recently released 2012 rankings.
UT’s program is No. 60 overall and No. 26 among U.S. public universities that offer full-time MBA programs.
Last year UT did not make the rankings.
“The Businessweek ranking recognizes the overall quality of our full-time MBA program and reflect’s the program’s contribution to the university’s goal of becoming a Top 25 institution,” Annette Ranft, associate dean for academic programs at the UT College of Business, said in a news release.
The University of Tennessee Vol Court business pitch competition has a social media twist this year.
For the first time the winner will be chosen by a vote of Facebook users.
Voting has started and ends at 11 p.m. on Nov. 13.
At stake are cash prizes, office space and consulting services from Pershing Yoakley and Associates and mentoring services from the College of Business Administration’s Anderson Center for Entrepreneurship and Innovation.
Tennessee’s economy is moving forward, but progress remains painfully slow, according to a University of Tennessee report released today.
After “exceptionally strong rates of economic expansion” in the first quarter, the state economy slowed sharply in the second quarter as effects of the debt crisis in Europe rippled across the globe, says the fall 2012 Business and Economic Outlook.
However, UT economists see the state and national economies posting modest gains through the first half of 2013.
Significant economic improvement is still a year or two away, according to the study prepared by the university’s Center for Business and Economic Research.
Tennessee’s economy is “marginally healthier” than the national economy, but sluggish job growth continues to be a drag on the state and national economies, according to a report released today by the University of Tennessee’s Center for Business and Economic Research.
Nonfarm employment in Tennessee is expected to rise 1.7 percent this year, compared to 1.5 percent growth for the nation, the report says.
Tennessee’s unemployment rate is expected to average 7.8 percent for 2012 and drop to 7. 4 percent next year. The national unemployment rate is expected to average 8.1 percent this year and fall to 7.8 percent in 2013, according CBER’s spring 2012 Tennessee Business and Economic Outlook.