Virginia Tech announced on Thursday that an anonymous family of Tech alums has made a $75 million gift to athletics and to one of the school’s academic programs.
The breakdown of how much of the money will go toward each wasn’t made known, though a press release from the school noted that a majority of the money is earmarked for Tech Athletics, which is headed toward the fourth financial quarter of Year 1 of its Invest to Win initiative – a $229 million, four-year fundraising campaign aimed at modernizing the athletics department.
“This historic commitment reflects extraordinary confidence in Virginia Tech’s rising potential in athletics and impactful scholarship,” said Tech President Tim Sands, who was forced into announcing his retirement in April by the MAGA majority on the school’s Board of Visitors, which hopes to replace him with a MAGA fellow traveler before it loses its political majority on the board next summer.
ICYMI
“We are deeply grateful to receive this unprecedented investment at a pivotal moment for Virginia Tech, as we work to elevate the success of our teams and student-athletes, and develop innovative educational experiences that prepare our students to lead,” Sands said.
The money for Invest to Win is supposed to come from increased donor support – $120 million in increased donor support over the next four years, to be precise – with the rest coming from “campus subsidies,” most notably, an increase in student fees.
The previous largest commitments to Virginia Tech were $50 million commitments announced in 2018, 2021, and 2023.
The previous largest commitment to athletics was $20 million announced in December.
A large portion of the money from the anonymous donation announced today directed to athletics in support of Invest to Win was endowed, meaning it will be invested to provide a predictable and permanent stream of support year after year.
“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,” said Athletics Director Whit Babcock, who is also on his way out the door, on June 30.
ICYMI
The timing of Babcock’s departure is tied closely to that of Sands – the Board of Visitors wants to replace Sands with a MAGA, sure, but it also wants to have a new president in place ASAP so that the new president can, in turn, hire a new AD.
“This transformative commitment will have a tremendous impact on our football program and the young men who wear the Virginia Tech uniform,” said first-year Tech football coach James Franklin.
“Football is the front porch of the University, and sustained investment is critical to competing for championships at the highest level,” Franklin said. “This generosity provides the resources necessary to recruit, develop and support elite student-athletes while positioning Virginia Tech Football for long-term success. We are incredibly grateful for this belief in our program and our vision for sustained success.”
Share
Chris Graham
