Penn State May Borrow $30M for Athletics - NBC 10 Philadelphia

Penn State May Borrow $30M for Athletics



    Penn State May Borrow $30M for Athletics
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    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.
 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.



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