Penn State weighs borrowing $30M for athletics - New York News

Penn State weighs borrowing $30M for athletics

STATE COLLEGE, Pa. (AP) - 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.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsMore>>

  • Restroom Cameras At UDel. Didn't Focus On 1 Person

    Restroom Cameras At UDel. Didn't Focus On 1 Person

    Wednesday, July 30 2014 9:08 AM EDT2014-07-30 13:08:17 GMT
    Court records say a former University of Delaware graduate researcher who is accused of using a recording device to make videos of women in on- and off-campus bathrooms secretly did it for "personal gratification" and did not seek out any one woman.
    Court records say a former University of Delaware graduate researcher who is accused of using a recording device to make videos of women in on- and off-campus bathrooms secretly did it for "personal gratification" and did not seek out any one woman.
  • 6 Former Philadelphia Narcotics Officers Under Arrest

    6 Former Philadelphia Narcotics Officers Under Arrest

    Wednesday, July 30 2014 8:32 AM EDT2014-07-30 12:32:10 GMT

    Six former Philadelphia police narcotics officers are in federal custody Wednesday morning on corruption charges, high-ranking police sources tell FOX 29 News.

    Six former Philadelphia police narcotics officers are in federal custody Wednesday morning on corruption charges, high-ranking police sources tell FOX 29 News.

  • Police investigate student found on dormitory roof

    Police investigate student found on dormitory roof

    Pittsburgh police are trying to figure out how a 23-year-old student wound up injured on the roof of a Carnegie Mellon University dormitory.
    Pittsburgh police are trying to figure out how a 23-year-old student wound up injured on the roof of a Carnegie Mellon University dormitory.
  • Local NewsLocal NewsMore>>

  • Terror threats at chemical plants underestimated

    Terror threats at chemical plants underestimated

    Wednesday, July 30 2014 9:08 AM EDT2014-07-30 13:08:58 GMT
    Congressional investigators say the government is underestimating the threat of a chemical attack on America's densely populated cities and has failed to inspect virtually all of the chemical facilities that it...
    Congressional investigators say the government is underestimating the threat of a chemical attack on America's densely populated cities and has failed to inspect virtually all of the chemical facilities that it...
  • Teen in elevator attacked and robbed

    Teen in elevator attacked and robbed

    Wednesday, July 30 2014 8:31 AM EDT2014-07-30 12:31:54 GMT
    Two thugs were caught on security camera footage beating a teenager and stealing from her inside an apartment building in the Midwood section of Brooklyn.  The NYPD says the attackers are seen dragging the 18-year-old out of an elevator into the hallway and punching and kicking her.
    Two thugs were caught on security camera footage beating a teenager and stealing from her inside an apartment building in the Midwood section of Brooklyn.  The NYPD says the attackers are seen dragging the 18-year-old out of an elevator into the hallway and punching and kicking her.
  • TSA contest calls for ideas to improve airline security lines

    TSA contest calls for ideas to improve airline security lines

    Wednesday, July 30 2014 8:11 AM EDT2014-07-30 12:11:07 GMT
    Everyone hates long lines at security checkpoints and the TSA knows it. Now the TSA is sponsoring a contest to encourage anyone with new ideas about how to make the airport security lines go faster. Often for air travelers, the security checkpoint experience is the worst part of their trip. That's why the TSA turned to the crowdsourcing site Innocentive asking for ideas pledging a total of $15,000 in prize money, with at least one $5,000 award.
    Everyone hates long lines at security checkpoints and the TSA knows it. Now the TSA is sponsoring a contest to encourage anyone with new ideas about how to make the airport security lines go faster. Often for air travelers, the security checkpoint experience is the worst part of their trip. That's why the TSA turned to the crowdsourcing site Innocentive asking for ideas pledging a total of $15,000 in prize money, with at least one $5,000 award.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices