Penn State Weighs Borrowing $30-Million for Athletics
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.
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