A new business model for the athletic department at Virginia has been presented to the school’s board of visitors. The changes are a part of the evolving new environment which includes “pay-to-pay” and the Name, Image and Likeness (NIL) competitive world.
Monday’s presentation was given by Amy Sebring, Virginia Tech’s chief operating officer, and Brandon Hall, the athletics department’s chief financial officer. Hall served as Clemson’s CFO from 2020-2024, when that university created a similar arm for the athletic department.
The BOV was told with recent investment in athletics, Tech has made a commitment to excelling at the highest level of collegiate athletics, building community, enhancing alumni engagement and strengthening the VT brand. This business model is the next step.
The plans give this new corporation some flexibility with an option to create a for-profit structure that could manage future NIL opportunities or secure private capital, should Virginia go that route.
The new Tech Venture’s program and future success, according to the presentation, depends on the flexibility to generate new investment and distribute funds in support of athletics. In addition, it would provide more brand value for Tech, creating NIL platforms for athletes.
NIL refers to a person’s legal right to control how their image is used, including commercially. Prior to 2021, collegiate athletes were not allowed to profit off their personal brand beyond scholarships.
Hall pointed to the structure of a Tech program being a strategic partner to the athletic department, focusing on new revenue generation that can be called up by the athletic director in support of VT athletics.
There are opportunities, he said, which would provide a vehicle for enhancing the university’s fundraising activities.
Hall also gave an update on Tech’s “Invest to Win” plan, which allocate over $14 million for facility upgrades including a new Lane Stadium videoboard ($4.9 million) and LED lighting ($2.9 million), and in other areas like football and basketball recruiting lobby, weightroom and training room.
