VT Launches "Legends of Lane"
Apparel Line
Today Virginia Tech introduced a new line of "Legends of Lane" apparel,
featuring the images, numbers and names of Frank Beamer, Don Strock, Michael
Vick, and Bruce Smith. The Virginia Tech Licensing Department also announced a
new licensing royalty revenue record of $1.1 million, coming in the same year
that the Hokie Club hit a new donation record, blowing away previous records
with $24 million in donations.
This
morning at the on-campus University Bookstore, new apparel with the
"Legends of Lane" logo was unveiled by Locke White, director of
Virginia Tech’s Office of Licensing and Trademarks. Also present were head
football coach Frank Beamer and Don Williams, executive director of University
Bookstores.
These products commemorate some of the past great
football players who have played in Lane Stadium, including Bruce Smith,
Michael Vick, Don Strock, and current head football coach, Frank Beamer. This
exciting new line has their names and numbers on the products along with the
"Legends of Lane" logo. It consists of a wide assortment of
products, including a fleece pullover, a polo shirt, a hat, and several
t-shirt designs. There is also a limited-edition print that was designed by
Roanoke artist Andy Silvers. All the products are available now for sale at
the University Bookstore, Volume II, and the Tech Bookstore (Main St.,
Blacksburg).
| Gallery: Legends of Lane Apparel (click the thumbnails) |
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“We are really excited to be working with Mike, Bruce,
Don, and Coach Beamer, and we think that the products will appeal to all our
students, faculty, and fans, especially considering the new addition to Lane
Stadium,” White said.
For more information or digital images, contact Locke
White at (540) 231-7944 or [email protected].
Licensing Department Hits Record Royalty
Revenues
The Virginia Tech Licensing Department announced another record year of licensing royalty revenue. The fiscal year ended
June 30, and royalties surpassed the $1-million mark for the second time in
school history. Royalties jumped 10 percent in one year, from $1,000,000 to
$1,100,000. “We have had another exceptional year for licensing revenue on
Hokie products, and this new line of products will help continue the growth of
sales that support the university’s educational and athletic endeavors,”
White said.
Licensing revenue at Virginia Tech has
exploded since 1999. In an interview with the now-defunct TSL Extra monthly
publication in July of 2001, White told TechSideline.com, "We
have gone from $350,000 in revenue to close to $800,000 in revenue in just a
couple years time. In 1999 we did approx. $350K, 2000
approx. $550K, and in 2001 it will be approx. $800K."
White said at the time that $1 million was his
goal, and though growth has slowed a bit in recent years, he has finally taken
the department over that mark in the 2004-05 fiscal year.
The $1.1 million royalty revenue figure, according to White,
represents retail sales of VT licensed goods of almost $28 million.
Hokie Club Donations Hit $24 Million Mark
Boosted by increased donations from fans trying
to improve their seating in Lane Stadium this fall, the Virginia Tech Hokie Club again
recorded record donations, going just above the $24 million mark in fiscal
2004-05, which ended on June 30th. The final figure is not yet available, but
the estimate stands at $24.25 million.
The $24.25 million figure represents an increase of
nearly $6 million over the $18.58 million donated in 2003-04, and nearly $10
million over the $14.38 million figure posted just two years ago, in 2002-03.
TechSideline.com has been tracking Hokie Club donations for eight years now,
during which time donations have quadrupled, as show in the table below.
|
Hokie Club Donations |
|
|
Year |
Revenue |
|
1997-1998 |
$6,300,000 |
|
1998-1999 |
$8,900,000 |
|
1999-2000 |
$10,000,000 |
|
2000-2001 |
$10,300,000 |
|
2001-2002 |
$13,680,000 |
|
2002-2003 |
$14,380,000 |
| 2003-2004 |
$18,575,000 |
| 2004-2005 |
$24,250,000* |
| * Estimate: final figure not yet available. |
|
As in recent years, the
increase in donations does not come from additional Hokie Club members —
membership in the Hokie Club has hovered around 12,000 for several years. The
increase comes from existing Hokie Club members increasing their donation
levels. With Lane Stadium being reseated this season for the first time since
the 1990’s, Hokie Club members ponied up to try to get better seats.
Hokies Have One
Payment Left to the ACC
As of mid-July, Virginia
Tech was nearly finished paying all of their entry and exit fees associated
with moving from the Big East to the ACC:
- The Hokies paid the Big
East exit fee of $1 million in the summer of 2004. - In an odd twist, the
Hokies still owed $1.5 million in Big East entry fees at the time they
departed the league, but that figure was later negotiated down to $1.1
million and has already been paid as well, in early July of 2005. - VT’s ACC entry fee was
$2 million, half of which has already been paid. It’s not clear from TSL
sources if the other $1 million was slated for payment this summer or a
later date.
All entry and exit fees
were paid from VT Athletic Department funds.
The ACC Ponies Up
Revenue Sharing of $6.5 Million to VT
According to WDBJ-7
in Roanoke, in late June the ACC paid Virginia Tech its league revenue
share of over $6.5 million. Under the agreement signed by VT upon entry to the
conference, the Hokies were to receive $6.25 million in June of 2005 and June
of 2006, then participate in full revenue sharing (anticipated to be about $9.5
million) from that point on. The $6.5 million figure is more than $1 million
better than VT’s best year in the Big East, where the Hokies were a member from
1991-2004.
In another positive
development for the Hokies, sources tell TSL that the ACC gave Virginia Tech
$1.6 million in expense money for Sugar Bowl expenses. The ACC reimburses its
schools for bowl expenses, something the Big East never did during VT’s time in
the league.
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