Penn State weighs borrowing $30M for athletics - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

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 This material may not be published, broadcast, rewritten or redistributed.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

  • 3 Injured, Child Killed In Grays Ferry Shooting

    3 Injured, Child Killed In Grays Ferry Shooting

    Saturday, August 2 2014 1:07 AM EDT2014-08-02 05:07:07 GMT
    SkyFOX was live over the scene on the 1500 block of South Etting Street in South Philadelphia around 9:40 p.m. on Friday. Police say four people have been shot. According to authorities, a 3-year-old girl was shot, one time in the left side of her chest. She was transported to the Children’s Hospital of Philadelphia and was pronounced dead. 
    SkyFOX was live over the scene on the 1500 block of South Etting Street in South Philadelphia around 9:40 p.m. on Friday. Police say four people have been shot. According to authorities, a 3-year-old girl was shot, one time in the left side of her chest. She was transported to the Children’s Hospital of Philadelphia and was pronounced dead. 
  • Philadelphia Cabs Set To Have Security Cameras

    Philadelphia Cabs Set To Have Security Cameras

    Saturday, August 2 2014 12:48 AM EDT2014-08-02 04:48:15 GMT
    Philadelphia cab owners are being told they must install new security cameras, and not everyone is happy about it.
    Philadelphia cab owners are being told they must install new security cameras, and not everyone is happy about it.
  • Suspect Confesses To Murder, Police Search For Bodies In Park

    Suspect Confesses To Murder, Police Search For Bodies In Park

    Friday, August 1 2014 10:22 PM EDT2014-08-02 02:22:08 GMT
    Authorities say they are searching allegedly for two dismembered bodies buried in a wooded in Indian Rock Park in Springfield after a murder suspect confessed to killing two people.
    Authorities say they are searching allegedly for two dismembered bodies buried in a wooded in Indian Rock Park in Springfield after a murder suspect confessed to killing two people.
Powered by WorldNow

KTBC FOX 7
119 East 10th Street
Austin, TX 78701

Phone: (512) 476-7777
Fax: (512) 495-7001

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices