U of Tennessee, Virginia Tech Receive Historic Gifts

Two universities have become the beneficiaries of historic gifts.

The University of Tennessee has received a $130 million investment—the largest in its history—from alumni Dee and Jimmy Haslam, CEO and chairman, respectively, of Haslam Sports Group, which owns the Cleveland Browns and a controlling interest in the Milwaukee Bucks, among other things.

The largest share of the gift, $100 million, is designated for the Haslam College of Business—UT’s first named college—in honor of the substantial contribution the Haslams made to the endowment that created it. The investment will support faculty hiring and enhance the college’s student success initiatives, graduate student scholarships and undergraduate honors program.

The remaining $30 million will be used to recruit renowned faculty more broadly across disciplines.

“When I shared with Dee and Jimmy our vision to take UT to the next level, they immediately saw the possibilities in our aspirations,” said Chancellor Donde Plowman. “I am grateful for their counsel, their vision and their generosity. This historic investment will help fuel our high standard of excellence and grow the impact our university has on the people and communities we serve across Tennessee and beyond.”

In addition, Virginia Tech has received its largest-ever commitment: $75 million, donated anonymously by a four-generation alumni family.

The bulk of the gift will go toward Virginia Tech athletics, where it will support the Invest to Win initiative, designed to boost the university’s athletic competitiveness, and the newly formed Hokie Ventures, an athletics-focused business entity. The donors also designated some funds for unrestricted use by Tech’s athletic director.

Another significant share of the gift is earmarked for Virginia Tech’s honors college, specifically the Calhoun Honors Discovery Program, an interdisciplinary collaboration among students in engineering, business, science, humanities, policy and the arts who work with faculty, industry and nonprofit partners to solve real-world problems.

“This historic commitment reflects extraordinary confidence in Virginia Tech’s rising potential in athletics and impactful scholarship,” said university president Tim Sands. “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.”