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.
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Mostly cloudy skies tonight with patchy drizzle/fog for some overnight.
Another mild day tomorrow. Highs in the low 60s.
Unsettled weather arrives Thursday night & Friday with our next cold front. With the blast of cold air that follows, we'll probably have a dry day on Saturday, and the chance of a Sunday wintry mix into the afternoon and evening. Stay tuned!