September 28, 2011
From azcentral.com:
Along with a 40-12 drubbing from Stanford, Virginia Tech's athletic department reported a $421,046 loss in the 2011 Orange Bowl. The cost to play in the Orange Bowl, largely based on terms set by the Bowl Championship Series, outstripped the amount of bowl money the team received.
Virginia Tech, which receives millions of dollars in public funding like many other college sports programs, would have lost even more money had the Atlantic Coast Conference not spent nearly $1.2 million to help. The team, required to buy a block of tickets as a condition of being in the bowl, was unable to resell all of them before game time; the school's conference bought out 9,500 remaining seats.