BLACKSBURG, Va. – The Virginia Tech Board of Visitors has approved an affiliation agreement with Hokie Ventures, a newly created nonprofit corporation designed to support the long-term growth and competitiveness of Virginia Tech Athletics through revenue generation, strategic investments and donor relations.
University officials said Hokie Ventures will provide greater flexibility as college athletics continues to evolve through revenue-sharing models, Name, Image and Likeness opportunities, changing media rights agreements and new governance structures.
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“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,” Virginia Tech President Tim Sands said. “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 marks another step in the university’s long-term strategy to position Hokie Athletics among the nation’s top programs. University leaders pointed to the Board-approved “Invest to Win” initiative and the hiring of football coach James Franklin as key milestones in a broader effort to modernize the athletics department and compete at the highest level of the Power Four landscape.
“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,” Director of Athletics Whit Babcock said. “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.”
According to the university, Hokie Ventures will focus on generating sustainable revenue, improving organizational agility, creating a more business-oriented operating model and expanding philanthropic and investment opportunities that support athletics.
Officials said the new structure will allow Virginia Tech to move more quickly in areas such as corporate partnerships, sponsorships, emerging revenue opportunities and investment strategy, while the athletics department remains focused on student-athlete support, coaching, compliance and competition.
“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.”
The organization also is expected to facilitate expanded third-party NIL initiatives for eligible Virginia Tech student-athletes.
“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.”
University leaders emphasized that Hokie Ventures will operate under university oversight and governance standards while maintaining institutional control consistent with NCAA and accreditation requirements.
Board of Visitors member Ted Hanson said the nonprofit represents the next phase of Virginia Tech’s athletics strategy.
“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,” Hanson said. “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 noted that new self-generated revenue streams could help support Virginia Tech’s broad athletics portfolio, including its Olympic sports programs, as the financial model of college athletics continues to change nationwide.
Implementation planning for Hokie Ventures will begin in the coming weeks with university leaders, athletics administrators and external advisors. Additional operational details and leadership announcements are expected at a later date.