In the latest episode of "What were they thinking?", a man in Uttar Pradesh ’s Fatehpur took social media obsession to a whole new level. Sheikh Bilal, the star of this cautionary tale, decided that writing "2024" on a highway with petrol and setting it ablaze would make for an epic Instagram reel . The stunt, performed on National Highway-2, was as dangerous as it sounds. Bilal, clearly inspired by action movies, poured petrol onto the road, lit it up, and stood proudly as the fiery “2024” burned behind him. The only thing missing was a slow-motion walk and dramatic background music. Unfortunately for him, it didn’t end there. His stunt caught the eye of both online trolls and the Fatehpur Police . While some were pretty stunned, the cops acted fast. Bilal got arrested and hauled to court, showing that chasing clout can seriously backfire. Believe it or not, Bilal isn’t the only one setting new lows in the name of reels. Earlier in Meerut, another social media daredevil named Intezaar Ali thought it would be cool to shovel mud onto the roof of his Mahindra Thar SUV and drive at full speed. The result? A literal mud bath for the road and chaos for everyone around. The police, unimpressed, seized his vehicle faster than you can say “mudslide.” And let’s not forget the influencer drama in Panipat, Haryana, where a content creator decided to film a reel in a crowded market wearing, well... less than usual. This didn’t sit well with the locals, and things escalated when someone slapped her mid-shoot. She eventually apologised, but the incident stirred up a fresh debate on the lengths people go for online fame. Here’s the thing: we get it. Social media is all about standing out, grabbing attention, and getting those likes. But setting roads on fire? Driving recklessly? Causing public chaos? That’s not just irresponsible; it’s downright dangerous. It’s easy to get caught up in the hype of going viral, but as these stories show, there’s always a price to pay. Whether it’s a slap, a seized SUV, or a court date, the consequences are real. What’s the lesson here? The internet loves drama, but it loves calling out bad behaviour even more. So, the next time you’re thinking about pulling a stunt for views, ask yourself: “Is it worth the fines, jail time, or public backlash?” It’s probably not. Let’s leave the highway fires and mud showers to the action movies and keep our reels fun, creative, and—most importantly—safe. And hey, there’s no shame in going viral for wholesome content. Like teaching your dog a cool trick or baking a cake that doesn’t explode. Thumb photo credit: X/@DSatyavrata Yeh Rishta Kya Kehlata Hai: Armaan Attacks Lawyer, Apologizes To AbhiraGap Inc. Logo (PRNewsfoto/Gap Inc.) Net sales increased 2% versus last year with comparable sales up 1% Operating margin of 9.3% improved 270 basis points versus last year Market share gains across all brands in the quarter Raises outlook for fiscal 2024 net sales, gross margin and operating income growth SAN FRANCISCO , Nov. 21, 2024 /PRNewswire/ -- Gap Inc. (NYSE: GAP), the largest specialty apparel company in the U.S. and a house of iconic brands including Old Navy, Gap, Banana Republic, and Athleta, today reported financial results for its third quarter ended November 2, 2024. "I'm proud that Gap Inc. delivered another successful quarter, growing net sales for the 4 th consecutive quarter and gaining market share across all brands while meaningfully expanding operating margin," said President and Chief Executive Officer, Richard Dickson . "Consistent execution of our strategic priorities, including the rigor and repetition we're applying to our brand reinvigoration playbook, is making us a stronger company and demonstrates our continued progress in unlocking Gap Inc.'s full potential." Dickson continued: "Holiday is off to a strong start and we remain focused on executing with excellence in the fourth quarter. Our performance year-to-date gives us the confidence to raise our full year outlook for sales, gross margin and operating income growth." Third Quarter Fiscal 2024 – Financial Results Balance Sheet and Cash Flow Highlights Additional information regarding free cash flow, which is a non-GAAP financial measure, is provided at the end of this press release along with a reconciliation of this measure from the most directly comparable GAAP financial measure for the applicable period. Third Quarter Fiscal 2024 – Global Brand Results Comparable Sales Old Navy: Gap: Banana Republic: Athleta: Fiscal 2024 Outlook As a result of its strong third quarter results, the company is raising its full year outlook for net sales, gross margin and operating income growth compared to prior expectations. Please note that the company's projected full year fiscal 2024 operating income growth below is provided in comparison to its full year fiscal 2023 adjusted operating income, which excludes $93 million in restructuring costs and a $47 million gain on sale of a building. Full Year Fiscal 2024 Webcast and Conference Call Information Whitney Notaro , Head of Investor Relations at Gap Inc., will host a conference call to review the company's third quarter fiscal 2024 results beginning at approximately 2:00 p.m. Pacific Time today. Ms. Notaro will be joined by President and Chief Executive Officer, Richard Dickson and Chief Financial Officer, Katrina O'Connell . A live webcast of the conference call and accompanying materials will be available online at investors.gapinc.com . A replay of the webcast will be available at the same location. Non-GAAP Disclosure This press release and related conference call include financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP) and are therefore referred to as non-GAAP financial measures. The non-GAAP measures described below are intended to provide investors with additional useful information about the company's financial performance, to enhance the overall understanding of its past performance and future prospects, and to allow for greater transparency with respect to important metrics used by management for financial and operating decision-making. The company presents these non-GAAP financial measures to assist investors in seeing its financial performance from management's view and because it believes they provide an additional tool for investors to use in computing the company's core financial performance over multiple periods with other companies in its industry. Additional information regarding the intended use of non-GAAP measures included in this press release and related conference call is provided in the tables to this press release. The non-GAAP measures included in this press release and related conference call are adjusted operating expense/adjusted SG&A, adjusted operating income, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP measures exclude the impact of certain items that are set forth in the tables to this press release. In addition, the company's outlook includes projected full year fiscal 2024 operating income growth compared to its full year fiscal 2023 adjusted operating income. The non-GAAP measures used by the company should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. The company urges investors to review the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures included in the tables to this press release below, and not to rely on any single financial measure to evaluate its business. The non-GAAP financial measures used by the company have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. Forward-Looking Statements This press release and related conference call and accompanying materials contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following: becoming a high performing company; unlocking Gap Inc.'s potential; our four strategic priorities, including maintaining and delivering financial and operational rigor, the reinvigoration of our brands, strengthening our operating platform, and energizing our culture; driving relevance and revenue by executing on our brand reinvigoration playbook; expectations for Old Navy for the holiday season; accelerating Old Navy's presence in the Active category; Old Navy's holiday activations and product; reigniting Gap brand's leadership in trend-right products and creative expression through big ideas and culturally relevant messaging; reestablishing Banana Republic to thrive in the premium lifestyle space; evolving Banana Republic's assortment and fit; continuing to fix the fundamentals at Banana Republic; Banana Republic's holiday product; Athleta's trajectory; Athleta's holiday product; enhancing Athleta's in-store and online experiences; driving high-performance across our teams; executing with excellence; Gap Inc.'s positioning going into the holiday season; expectations for our full year performance; expected year-end inventory levels; expected full year fiscal 2024 net sales; the expected impact of the loss of the 53rd week on full year fiscal 2024 net sales; expected fourth quarter fiscal 2024 net sales; the expected impacts of the loss of the 53rd week and the weekly calendar shift on fourth quarter fiscal 2024 net sales; expected full year fiscal 2024 gross margin; the expected impacts of commodity costs and better inventory management on full year fiscal 2024 gross margin; expected full year fiscal 2024 ROD; expected fourth quarter fiscal 2024 gross margin; the expected impact of the loss of the 53rd week on fourth quarter fiscal 2024 gross margin; expected full year fiscal 2024 SG&A/operating expense; continuing cost discipline and unlocking more efficiencies in the business; expected full year fiscal 2024 operating income; expected full year fiscal 2024 effective tax rate; expected full year fiscal 2024 capital expenditures; generating sustainable, profitable growth and delivering long-term shareholder value; and our dividend policy. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following risks, any of which could have an adverse effect on our business, financial condition, results of operations, or reputation: the overall global economic and geopolitical environment, including the ongoing Russia - Ukraine and Israel-Hamas conflicts and recent elections in the United States , and impacts on consumer spending patterns; social and political unrest in our sourcing countries, including Bangladesh , and disruptions to global trade and shipping capacity, including in the Red Sea; the risk that we or our franchisees may be unsuccessful in gauging apparel trends and changing consumer preferences or responding with sufficient lead time; the highly competitive nature of our business in the United States and internationally; the risk that we may be unable to manage our inventory effectively and the resulting impact on our gross margins and sales; the risk that our investments in customer, digital, and omni-channel shopping initiatives may not deliver the results we anticipate; the risk that we fail to maintain, enhance, and protect our brand image and reputation; the risk of loss or theft of assets, including inventory shortage; the risk that we fail to manage key executive succession and retention or continue to attract qualified personnel; reductions in income and cash flow from our credit card arrangement related to our private label and co-branded credit cards; the risk that changes in our business strategy or restructuring our operations may not generate the intended benefits or projected cost savings; the risk that trade matters could increase the cost or reduce the supply of apparel available to us; the risks to our business, including our costs and global supply chain, associated with global sourcing and manufacturing; the risks to our reputation or operations associated with importing merchandise from foreign countries, including failure of our vendors to adhere to our Code of Vendor Conduct; the risk that we or our franchisees may be unsuccessful in identifying, negotiating, and securing new store locations and renewing, modifying, or terminating leases for existing store locations effectively; engaging in or seeking to engage in strategic transactions that are subject to various risks and uncertainties; the risk that our efforts to expand internationally may not be successful; the risk that our franchisees and licensees could impair the value of our brands; the risk of data or other security breaches or vulnerabilities that may result in increased costs, violations of law, significant legal and financial exposure, and a loss of confidence in our security measures; the risk that failures of, or updates or changes to, our IT systems may disrupt our operations; the risk that our comparable sales and margins may experience fluctuations, that we may fail to meet financial market expectations, or that the seasonality of our business may experience fluctuations; the risk of foreign currency exchange rate fluctuations; the risk that our level of indebtedness may impact our ability to operate and expand our business; the risk that we and our subsidiaries may be unable to meet our obligations under our indebtedness agreements; the risk that changes in our credit profile or deterioration in market conditions may limit our access to the capital markets; natural disasters, public health crises (such as pandemics and epidemics), political crises (such as the ongoing Russia - Ukraine and Israel-Hamas conflicts), negative global climate patterns, or other catastrophic events; evolving regulations and expectations with respect to ESG matters, including climate reporting; the adverse effects of climate change on our operations and those of our franchisees, vendors, and other business partners; our failure to comply with applicable laws and regulations and changes in the regulatory or administrative landscape; the risk that we will not be successful in defending various proceedings, lawsuits, disputes, and claims; the risk that our estimates and assumptions used when preparing our financial information are inaccurate or may change; the risk that changes in the geographic mix and level of income or losses, the expected or actual outcome of audits, changes in deferred tax valuation allowances, and new legislation could impact our effective tax rate, or that we may be required to pay amounts in excess of established tax liabilities; the risk that changes in our business structure, our performance or our industry could result in reductions in our pre-tax income or utilization of existing tax carryforwards in future periods, and require additional deferred tax valuation allowances; the risk that the adoption of new accounting pronouncements will impact future results; and the risk that additional information may arise during our close process or as a result of subsequent events that would require us to make adjustments to our financial information. Additional information regarding factors that could cause results to differ can be found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 19, 2024 , as well as our subsequent filings with the Securities and Exchange Commission. These forward-looking statements are based on information as of November 21, 2024 . We assume no obligation to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. About Gap Inc. Gap Inc., a house of iconic brands, is the largest specialty apparel company in America. Its Old Navy , Gap , Banana Republic , and Athleta brands offer clothing, accessories, and lifestyle products for men, women and children. Since 1969, Gap Inc. has created products and experiences that shape culture, while doing right by employees, communities and the planet. Gap Inc. products are available worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2023 net sales were $14.9 billion . For more information, please visit www.gapinc.com . Investor Relations Contact: Nina Bari Investor_relations@gap.com Media Relations Contact: Megan Foote Press@gap.com
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Trump or Musk should buy Greenland themselves instead of US annexation: Senior Russian officialApple discontinues iPhone SE, iPhone 14, iPhone 14 Plus in MANY countries | Is India on the list?
Oppenheimer & Co. Inc. bought a new position in shares of Global X Russell 2000 Covered Call ETF ( NYSEARCA:RYLD – Free Report ) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 10,267 shares of the company’s stock, valued at approximately $166,000. A number of other institutional investors have also made changes to their positions in the business. Nations Financial Group Inc. IA ADV increased its holdings in shares of Global X Russell 2000 Covered Call ETF by 2.9% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 29,736 shares of the company’s stock worth $481,000 after acquiring an additional 845 shares during the last quarter. Mesirow Financial Investment Management Inc. increased its holdings in shares of Global X Russell 2000 Covered Call ETF by 3.5% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 191,881 shares of the company’s stock worth $3,101,000 after acquiring an additional 6,566 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Global X Russell 2000 Covered Call ETF by 17.2% during the 3rd quarter. Janney Montgomery Scott LLC now owns 289,606 shares of the company’s stock worth $4,680,000 after acquiring an additional 42,442 shares during the last quarter. Chicago Partners Investment Group LLC increased its holdings in shares of Global X Russell 2000 Covered Call ETF by 11.1% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 37,852 shares of the company’s stock worth $608,000 after acquiring an additional 3,777 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC increased its holdings in shares of Global X Russell 2000 Covered Call ETF by 8.9% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 17,830 shares of the company’s stock worth $288,000 after acquiring an additional 1,462 shares during the last quarter. Global X Russell 2000 Covered Call ETF Trading Up 0.7 % RYLD stock opened at $16.64 on Friday. The firm has a market capitalization of $1.41 billion, a PE ratio of 10.21 and a beta of 0.62. Global X Russell 2000 Covered Call ETF has a 1-year low of $14.75 and a 1-year high of $16.98. The business’s 50 day simple moving average is $16.31 and its 200 day simple moving average is $16.16. Global X Russell 2000 Covered Call ETF Company Profile Featured Stories Want to see what other hedge funds are holding RYLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Global X Russell 2000 Covered Call ETF ( NYSEARCA:RYLD – Free Report ). Receive News & Ratings for Global X Russell 2000 Covered Call ETF Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Global X Russell 2000 Covered Call ETF and related companies with MarketBeat.com's FREE daily email newsletter .OC Transpo well below punctuality targets on 'less frequent' routes
Homestreet CFO Michel John sells $90,080 in stock
Judge to hear arguments on whether Google's advertising tech constitutes a monopoly ALEXANDRIA, Va. (AP) — The Justice Department and Google are set to make closing arguments in a trial alleging Google’s online advertising technology constitutes an illegal monopoly. The arguments in federal court Monday in northern Virginia come as Google is already facing a possible breakup of the company over its ubiquitous search engine. The Justice Department says it will seek the breakup of Google to remedy its search engine monopoly. The case focuses not on the search engine but on technology that matches online advertisers to consumers on the internet. A judge is expected to rule by the end of the year. ‘Busiest Thanksgiving ever’: How the TSA plans to handle record air travel DALLAS (AP) — The Thanksgiving travel rush is expected to be bigger than ever this year. AAA predicts that nearly 80 million people in the U.S. will venture at least 50 miles from home between Tuesday and next Monday — most of them by car. Thanksgiving Day falling so late this year has altered traditional travel patterns. At airports, the Transportation Security Administration says it could screen a record number of U.S. air travelers on Sunday. Meanwhile, the head of the Federal Aviation Administration says a shortage of air traffic controllers could cause flight delays. Transportation analytics company INRIX says roads could be congested on Monday with both commuters and returning holiday travelers. Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings Macy’s says it’s delaying the release of its fiscal third-quarter earnings results after it discovered an up to $154 million accounting-related issue. The company did provide some preliminary results for its third quarter, including that net sales fell 2.4% to $4.74 billion. It anticipates reporting its full third-quarter financial results by Dec. 11. Warren Buffett gives away another $1.1B and plans for distributing his $147B fortune after his death OMAHA, Neb. (AP) — Investor Warren Buffett renewed his Thanksgiving tradition of giving by announcing plans Monday to hand more than $1.1 billion of Berkshire Hathaway stock to four of his family's foundations, and he offered new details about who will be handing out the rest of his fortune after his death. Buffett has said previously that his three kids will distribute his remaining $147.4 billion fortune in the 10 years after his death, but now he has also designated successors for them because it’s possible that Buffett’s children could die before giving it all away. Buffett said he has no regrets about his decision to start giving away his fortune in 2006. Workers at Charlotte airport, an American Airlines hub, go on strike during Thanksgiving travel week CHARLOTTE, N.C. (AP) — Service workers at Charlotte Douglas International Airport have gone on strike during a busy week of Thanksgiving travel to protest what they say are unlivable wages. Employees of ABM and Prospect Airport Services authorized the work stoppage in North Carolina that started Monday morning. Union spokesperson Sean Keady says the strike is expected to last 24 hours. The companies contract with American Airlines to provide services such as cleaning airplane interiors, removing trash and escorting passengers in wheelchairs. Airport officials say this holiday travel season is expected to be the busiest on record. The companies have acknowledged the seriousness of a strike during the holiday travel season. At the crossroads of news and opinion, 'Morning Joe' hosts grapple with aftermath of Trump meeting The reaction of those who defended “Morning Joe” hosts Joe Scarborough and Mika Brzezinski for meeting with President-elect Trump sounds almost quaint in the days of opinionated journalism. Doesn't it makes sense, they said, for hosts of a political news show to meet with such an important figure? But given how “Morning Joe” has attacked Trump, its viewers felt insulted. Many reacted quickly by staying away. It all reflects the broader trend of opinion crowding out traditional journalist in today's marketplace, and the expectations that creates among consumers. By mid-week, the show's audience was less than two-thirds what it has typically been this year. ‘Buy now, pay later’ is more popular than ever. It can cost more than you think NEW YORK (AP) — More shoppers are using ‘buy now, pay later’ plans heading into Black Friday and the holiday season, as the ability to spread out payments looks attractive at a time when Americans still feel the lingering effect of inflation and already have record-high credit card debt. Experts say the short-term loans can lead consumers to overextend themselves and warn that those who use credit cards for the service face higher interest expenses. The data firm Adobe Analytics predicts shoppers will spend 11.4% more this holiday season using buy now, pay later than they did a year ago. Commerce Department to reduce Intel's funding on semiconductors LOS ANGELES (AP) — The Biden administration plans on reducing part of Intel’s $8.5 billion in federal funding for computer chip plants around the country, according to three people familiar with the grant who spoke on the condition of anonymity to discuss private conversations. The reduction is largely a byproduct of the $3 billion that Intel is also receiving to provide computer chips to the military. President Joe Biden announced the agreement to provide Intel with up to $8.5 billion in direct funding and $11 billion in loans in March. The changes to Intel’s funding are not related to the company’s financial record or milestones. Stock market today: Wall Street rises near records as Treasury yields ease NEW YORK (AP) — U.S. stocks are rising near records and adding to last week’s gains. The S&P 500 rose 0.2% Monday and was just below its all-time high set two weeks ago. The Dow Jones Industrial Average added 395 points to its own record set on Friday, while the Nasdaq composite was 0.1% higher. Treasury yields also eased in the bond market after President-elect Donald Trump said he wants Scott Bessent, a hedge fund manager, to be his Treasury Secretary. Bessent has advocated for reducing the U.S. government’s deficit, which could soothe some worries that had been building on Wall Street. Judge in Alex Jones' bankruptcy case to hear arguments on The Onion's bid for Infowars A federal judge in Texas is set to hold a hearing on whether the satirical news outlet The Onion made a valid bid for the Infowars platforms of conspiracy theorist Alex Jones, who alleges a bankruptcy auction was marred by fraud and collusion. The hearing is set for Monday afternoon. It's not clear how soon the bankruptcy judge will rule. He could allow The Onion to move forward with its purchase, order a new auction or even name the only other bidder as the winner. Jones filed for bankruptcy after being ordered to pay nearly $1.5 billion in defamation lawsuits by families of victims of the 2012 Sandy Hook Elementary School shooting in Connecticut.Emmy-Winning Soap Opera Actor Dies at 84
Saturday NFL games easily beat college football playoff snoozersEmpowered Funds LLC Has $769,000 Stock Holdings in Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK)
Qualcomm CFO Akash Palkhiwala sells $484,616 in stock‘Buy now, pay later’ is more popular than ever. It can cost more than you think
Islanders host the Red Wings after Palmieri's 2-goal game
Equity positioning remains above average, with US stocks in lead: Deutsche Bank
Frese pleased after No. 8 Maryland stays unbeaten in 'phenomenal game' against No. 19 Michigan StateChess grandmaster Magnus Carlsen returns to a tournament after a dispute over jeans is resolvedLANDOVER, Md. (AP) — Austin Seibert missed his second extra point of the game with 21 seconds left after Washington’s Jayden Daniels and Terry McLaurin connected on an 86-yard touchdown, Dallas’ Juanyeh Thomas returned the ensuing onside kick attempt for a touchdown, and the Cowboys pulled out a 34-26 victory Sunday that extended the Commanders’ skid to three games. Seibert, who missed the previous two games with a right hip injury, was wide left on the point-after attempt following a low snap. Thomas then took the kick back 43 yards as the Cowboys (4-7) ended their losing streak at five in improbable fashion. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
Health In Tech Announces Closing of Initial Public Offering
LAS VEGAS — Players Era Festival organizers have done what so many other have tried — bet their fortunes in this city that a big payoff is coming. Such bet are usually bad ones, which is why so many massive casino-resorts have been built on Las Vegas Boulevard. But it doesn't mean the organizers are wrong. They're counting on the minimum of $1 million in guaranteed name, image and likeness money that will go to each of the eight teams competing in the neutral-site tournament that begins Tuesday will create a precedent for other such events. EverWonder Studios CEO Ian Orefice, who co-founded Players with former AND1 CEO Seth Berger, compared this event to last year's inaugural NBA In-Season Tournament that played its semifinals and final in Las Vegas by saying it "did really well to reinvigorate the fan base at the beginning of the year." "We're excited that we're able to really change the paradigm in college basketball on the economics," Orefice said. "But for us, it's about the long term. How do we use the momentum that is launching with the 2024 Players Era Festival and be the catalyst not to change one event, but to change college basketball for the future." Orefice and Berger didn't disclose financial details, but said the event will come close to breaking even this year and that revenue is in eight figures. Orefice said the bulk of the revenue will come from relationships with MGM, TNT Sports and Publicis Sport & Entertainment as well as sponsors that will be announced later. Both organizers said they are so bullish on the tournament's prospects that they already are planning ahead. Money made from this year's event, Orefice said, goes right back into the company. "We're really in this for the long haul," Orefice said. "So we're not looking at it on a one-year basis." Rick Giles is president of the Gazelle Group, which also operates several similar events, including the College Basketball Invitational. He was skeptical the financial numbers would work. Giles said in addition to more than $8 million going to the players, there were other expenses such as the guarantees to the teams. He said he didn't know if the tournament would make up the difference with ticket sales, broadcast rights and sponsorship money. The top bowl of the MGM Grand Garden Arena will be curtained off. "The math is highly challenging," Giles said. "Attendance and ticket revenues are not going to come anywhere close to covering that. They haven't announced any sponsors that I'm aware of. So it all sort of rests with their media deal with Turner and how much capital they want to commit to it to get these players paid." David Carter, a University of Southern California adjunct professor who also runs the Sports Business Group consultancy, said even if the Players isn't a financial success this year, the question is whether there will be enough interest to move forward. "If there is bandwidth for another tournament and if the TV or the streaming ratings are going to be there and people are going to want to attend and companies are going to want to sponsor, then, yeah, it's probably going to work," Carter said. "But it may take them time to gain that traction." Both founders said they initially were met with skepticism about putting together such an event, especially from teams they were interested in inviting. Houston was the first school to commit, first offering an oral pledge early in the year and then signing a contract in April. That created momentum for others to join, and including the No. 6 Cougars, half the field is ranked. "We have the relationships to operate a great event," Berger said. "We had to get coaches over those hurdles, and once they knew that we were real, schools got on board really quickly." The founders worked with the NCAA to make sure the tournament abided by that organization's rules, so players must appear at ancillary events in order to receive NIL money. Strict pay for play is not allowed, though there are incentives for performance. The champion, for example, will receive $1.5 million in NIL money. Now the pressure is on to pull off the event and not create the kind of headlines that can dog it for years to come. "I think everybody in the marketplace is watching what's going to happen (this) week and, more importantly, what happens afterwards," Giles said. "Do the players get paid on a timely basis? And if they do, that means that Turner or somebody has paid way more than the market dictates? And the question will be: Can that continue?" P Get local news delivered to your inbox!Photos: Remembering President Jimmy Carter through the yearsMan United's winners and losers from Ruben Amorim's first game: Two youngsters impress new boss, one midfielder struggled with formation intensity and the summer signing that left new Red Devils boss fuming
Lopsided loss sinks the reeling Saints further into evaluation mode
Siena men's basketball: McNamara 'disgusted' after 70-58 loss to Miami (Ohio) at Fort Myers Tip-OffStuds and Duds: Knicks bring down the house in Capital One Arena against Wizards