Penn State May Borrow $30M for Athletics

Thursday, Sep 19, 2013  |  Updated 7:15 PM EDT
View Comments (
)
|
Email
|
Print
Penn State May Borrow $30M for Athletics

Getty Images

advertisement

Penn State trustees may be asked to approve $30 million in borrowing to help its Athletic Department cover costs resulting partly from the Jerry Sandusky child sexual abuse scandal.
 
PennLive.com reported Thursday that the request would be part of a $750 million borrowing package that trustees will consider Friday.
 
The Athletic Department posted a $15 million profit as recently as 2011. But university Controller Joe Doncsecz says its expenses outstripped revenues by $6 million this year.
 
Needs covered by the borrowing include up to $25 million in short-term capital needs, a $10 million line of credit and millions more to cover debt service on the $60 million fine the NCAA imposed for the Sandusky scandal.
 
Athletic Director Dave Joyner says the department should be in the black by 2018.

MORE NEWS:

 


Get the latest from NBC10 Philadelphia anytime: Android/iPhone/iPad Apps | SMS Alerts | Twitter | Facebook | Google+ | Instagram | RSS

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
FlyeredUp: Win 2 Tickets to Flyers Playoff Game
Win two tickets to the first... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out