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 This material may not be published, broadcast, rewritten or redistributed.

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