Virginia Tech receives record $75M gift, most earmarked for athletics
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Virginia Tech athletics’ fundraising momentum continued Thursday with the announcement of the largest gift in university history, $75 million from a Hokie family earmarked for multiple causes.
“A majority of the commitment, made anonymously by a four-generation Hokie family, was to athletics, while a sizeable portion was directed to the Honors College,” the university said in a release.
The athletics portion is unrestricted and to be used at the discretion of the new athletic director, whom Tech expects to hire this summer as Whit Babcock transitions to an emeritus role.
“This extraordinary commitment is a powerful statement about where Virginia Tech athletics is headed and what is possible when Hokie Nation comes together behind a shared vision,” Babcock said in a statement. “From Invest to Win to the recent creation of Hokie Ventures, we have been intentional about positioning Virginia Tech to compete and succeed at the highest level in college athletics. This historic commitment is the result of years of thoughtful planning, relationship-building, and the collective efforts of many people who believe deeply in Virginia Tech and our future. It accelerates our momentum, strengthens our ability to support student-athletes and coaches, and provides transformational opportunities for generations of Hokies to come.”
A majority of Thursday’s donation for athletics “was endowed, meaning it will be invested to provide a predictable and permanent stream of support year after year,” Tech’s release said.
This marks the second time in less than six months that Hokie athletics has received a record donation. Just last December, the department announced an anonymous $20 million gift heralded as unsurpassed.
Thursday’s gift likely more than doubles that.
The previous benchmark for a total donation to Virginia Tech was $50 million, set three times, most recently in 2023, according to the university.
As schools lean more on boosters to fund athlete compensation in the form of capped revenue sharing and largely unregulated NIL (name, image and likeness) endorsements, donations such as Thursday’s become more essential than ever.
David Teel: Hokie Ventures approval ratchets up pressure on James Franklin
To enhance and streamline fundraising for athlete compensation, Tech’s Board of Visitors on Tuesday approved the formation of Hokie Ventures, a non-profit corporation that will be affiliated with the university but be run by an independent CEO and board of directors.
Virginia Tech first signaled its intent to compete at the highest level, especially in football, last September when the Board of Visitors approved $229.2 million in additional campus support for athletics over the next four years, a campaign dubbed Invest to Win. More than half of that amount, $120 million, is to come from new fundraising.
Two months later, the Hokies hired the accomplished James Franklin as football coach, hoping to revive a program that has endured five losing seasons in the last six years. Franklin has subsequently landed commitments for a 2027 recruiting haul that the 247 composite currently ranks 13th nationally.
“We still have a lot of work to do, but I’m pleased with the (recruiting) progress we’re making,” Franklin told the Virginian-Pilot and Daily Press last week during a fundraising pitch at Richmond Raceway. “I think there’s a buzz and excitement about Virginia Tech football out there with fans, with media, with high school recruits that maybe we haven’t had in awhile.”
That buzz also has resonated with donors, and as Tech searches for an athletic director, Hokie Club executive director and Hokie Ventures CEO, prospective candidates are sure to notice.
“Football is the front porch of the university, and sustained investment is critical to competing for championships at the highest level,” Franklin said Thursday in a statement. “This generosity provides the resources necessary to recruit, develop and support elite student-athletes while positioning Virginia Tech football for long-term success.”
David Teel, david.teel@virginiamedia.com
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