The purpose of this study was to investigate the potential mediating effect of perceived value in the relationship between team identification and intent to purchase collegiate team-licensed apparel. Direct effect, partially mediated, and fully mediated models were compared. The respondents were students (N= 110) attending a large university in the southeastern United States. Participants first completed the Team Identification Scale and then viewed a slide depicting an article of licensed merchandise (t-shirt). Participants next completed the Perceived Value and Purchase Intention Scales. Goodness-of-fit statistics indicated that the direct effect model did not fit the data. The partially mediated and the fully mediated models fit equally well; the latter was more parsimonious and thus was chosen for further analysis. Team identification explained 13.2% of the variance in perceived value; perceived value explained 42.6% of the variance in purchase intentions. The findings indicate that team identification alone did not drive the purchase intentions in this study; it is important to take into account the perceived value of the team-licensed merchandise.