ADVERTISEMENT

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.
 


Filed Under :  
People : Dave JoynerJoe Doncsecz
A   A   A
 
Dial N Deal - September 12th 2014
1981 Chevy Van 30 Coachman Motorhome 24', 350 V8, sleeps 2 - 4 86,000 miles - $1,500 Larry, Altoona 946-0533 Aluminum Roaster XL, heavy, used, vg goodition - $10 Kenmore Microwave medium-sized, 10-12 years old, works great - $10 Osterizer...
Read More
The 11th Hour - Guests & Topics - Sept 15th-19th 2014
Monday Sept 15th Dr. Gabe Mirkin Dr. Mirkin.com Dr. Gabe Mirkin on Fitness & Health Facebook page Dr. Mirkin on Twitter Tuesday Sept 16th David Ickes Wednesday Sept 17th Barry Ickes Thursday Sept 18th Adam Conrad...
Read More
The 11th Hour - Guests & Topics - Sept 8th - 12th 2014
Monday Sept 8th Master Gardener Tom Ford 472-7986 - tgf2@psu.edu Penn State Cooperative Extension/Blair County Facebook Tuesday Sept 9th David Ickes Wednesday Sept 10th and Thursday September 11th Adam Conrad - Real Estate...
Read More