News With Commentary by TSL Staff
March 9, 2001
Vick Signs Licensing Agreement With VT
Blacksburg, VA -- The Virginia Tech Licensing Department has re-entered into a joint licensing program with Octagon, a global sports management company, and former star quarterback Michael Vick.
"Virginia Tech wanted to team up with Michael Vick again to associate the university with one of its all-time great players. It's an opportunity for us to create a special group of collectible products that every Hokie will want to own," said Locke White, director of licensing and trademark.
The majority of profits from the sale of products with either the Hokie or Virginia Tech name and logo go toward scholarships. Last year Virginia Tech earned more than $500,000 in licensing revenue, and is looking to reach $800,000 this year. Profits from Tech's venture with Vick will go toward the 27 new minority scholarships and three graduate fellowships that were established to attract underrepresented student populations to the university.
This is the second joint venture for Tech and Octagon, the company that represents Vick. The two companies teamed up in 1999 to introduce "Hokie Toasties," the first private label cereal that had an exclusive license with a university or college and marked Tech's first undefeated regular season.
Products which will feature Vick's name, signature, and likeness, are expected to hit the market in the next month,
and will only be available until Sept. 1, 2001. After that date, no other items will be in stores.