Hokie ClubBLACKSBURG — The Virginia Tech Board of Visitors has approved an affiliation agreement with the newly created Hokie Ventures, a nonprofit corporation that will support the long-term growth and competitiveness of Virginia Tech Athletics through modernized revenue generation, strategic investments and athletics donor relations.
Hokie Ventures is designed to create greater flexibility and strategic agility as college athletics continues to undergo rapid transformation driven by revenue sharing, Name, Image and Likeness (NIL), media rights evolution and changing governance models nationally.
“As we continue to elevate Virginia Tech Athletics as a strategic priority that strengthens the student experience, creates shared community pride, drives regional economic impact and enhances national visibility, we must accelerate our competitive momentum and capacity to meet the challenges ahead,” said Virginia Tech President Tim Sands. “Hokie Ventures will enhance our ability to support our student-athletes, engage our fans, manage the NIL landscape, and prepare for the future of college athletics.”
The approval represents another major step in Virginia Tech’s long-term strategic plan to position Hokie Athletics among the nation’s elite. University leaders cited the Board-approved “Invest to Win” initiative and Virginia Tech’s ability to attract nationally respected football head coach James Franklin as foundational milestones in a broader effort to modernize and strengthen the athletics department for sustained success in the Power Four era.
“College athletics is evolving at an unprecedented pace, and Virginia Tech intends to be proactive, strategic and forward-thinking in how we position ourselves for the future,” said Director of Athletics Whit Babcock. “Hokie Ventures is another important step in a long-term vision that began with “Invest to Win” and reflects our commitment to building a sustainable model for success at the highest level of college athletics.”
The affiliated organization is designed to support Virginia Tech Athletics by:
- Driving sustainable, self-generated revenue growth
- Enabling faster and more nimble decision-making
- Creating a more modern, business-oriented operating model aligned with the evolving economics of college athletics
- Advancing philanthropic efforts and exploring new investment opportunities supporting Hokie Athletics
The structure will allow Virginia Tech to move more quickly in areas such as corporate partnerships, sponsorships, emerging revenue opportunities and investment strategy while allowing the athletics department to remain focused on student-athlete support, coaching, compliance and competition operations.
“Hokie Ventures is a bold, forward-thinking step that recognizes the realities of modern college athletics and creates opportunities to strengthen the resources, partnerships, and overall support necessary to compete and win at the highest level,” Franklin said. “We’re committed to positioning Virginia Tech aggressively and responsibly for long-term success, a mindset benefiting our football program, our student-athletes and the entire department.”
Hokie Ventures also will create opportunities to support and facilitate expanded third-party NIL initiatives benefiting eligible Virginia Tech student-athletes in an increasingly competitive national environment.
“This is about positioning Virginia Tech for long-term success in a rapidly changing environment,” Babcock said. “We recognize that additional change across college athletics is inevitable, and we believe this model provides Virginia Tech with the flexibility, alignment and infrastructure necessary to continue competing nationally while supporting a first-class student-athlete experience.”
Virginia Tech leaders emphasized that Hokie Ventures will operate in alignment with university oversight and governance standards while maintaining institutional control consistent with NCAA and accrediting requirements.
"This is another important step in a comprehensive strategy to elevate and enhance athletics at Virginia Tech. It began with the Board's approval of the historic “Invest to Win” plan, which then became foundational to the hiring of James Franklin and now the creation of Hokie Ventures,” said Board of Visitors member Ted Hanson ’91. "Hokie Ventures will provide a modern, future-state architecture to deal with the evolving landscape of college athletics and set up Virginia Tech for future success.”
University officials also highlighted the importance of new self-generated revenue streams in supporting Virginia Tech’s broad athletics portfolio, including Olympic sports, as the financial structure of college athletics continues evolving nationally.
Implementation planning for Hokie Ventures will begin in the coming weeks in coordination with university leadership, athletics administration and external advisors. Additional operational details and leadership announcements will be shared at a later date.