Found September 20, 2013 on The Sports Bank:
In year two of NCAA sanctions, Penn State is really starting to feel their effects. Losing at home to Central Florida is an experience that is new to Nittany Nation. Home pre-conference losses don’t happen very often in Happy Valley; especially so at the hands of mid-majors. And it isn’t just Penn State football that’s feeling the hurt of sanctioning. It’s not just on the college football field. The Penn State athletic department is seeking a $30 million loan, the Chicago Tribune reports. Officials said Thursday that Penn State athletics face a “difficult period” financially after losing $6.15 million in the most recent fiscal year. The university attributed the shortfall to “significant current financial challenges to the football program,” according to a news release. To help compensate, Penn State is exploring a $30 million external loan to help fund department projects over a five-year period. Joe Doncsecz, the university’s corporate controller, unveiled the plan Thursday at a ...
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