Penn State weighs borrowing $30M for athletics - WFMJ.com News weather sports for Youngstown-Warren Ohio

Penn State weighs borrowing $30M for athletics

Posted: Updated:

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 (http://bit.ly/16rUGGj ) 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 This material may not be published, broadcast, rewritten or redistributed.

  • More NewsMore>>

  • Canfield Trooper shares emotional story, reminding drivers to move over

    Canfield Trooper shares emotional story, reminding drivers to move over

    Thursday, May 25 2017 9:50 PM EDT2017-05-26 01:50:46 GMT

    Cowles is now the face of a recent PSA, reminding motorists it's the law to slow down and move over for stopped emergency vehicles.

    More >>

    Cowles is now the face of a recent PSA, reminding motorists it's the law to slow down and move over for stopped emergency vehicles.

    More >>
  • UPDATED

    Mentor reverses track opting NOT to go with Austintown Superintendent Vince Colaluca

    Mentor reverses track opting NOT to go with Austintown Superintendent Vince Colaluca

    Thursday, May 25 2017 9:49 PM EDT2017-05-26 01:49:41 GMT
    Vince ColalucaVince Colaluca

    Austintown Local Schools Superintendent Vince Colaluca is being named as the new superintendent for the Mentor Public School System according to an official from that district. Colaluca confirmed to 21 News on Wednesday that he interviewed for the superintendent 's post at that school district in Lake County, Ohio. An email from Executive Secretary to the Mentor School Superintendent says that Colaluca as been selected for the job and will be approved at a meeting today. 

    More >>

    Austintown Local Schools Superintendent Vince Colaluca is being named as the new superintendent for the Mentor Public School System according to an official from that district. Colaluca confirmed to 21 News on Wednesday that he interviewed for the superintendent 's post at that school district in Lake County, Ohio. An email from Executive Secretary to the Mentor School Superintendent says that Colaluca as been selected for the job and will be approved at a meeting today. 

    More >>
  • Valley first responders beef-up protective gear during drug calls

    Valley first responders beef-up protective gear during drug calls

    Thursday, May 25 2017 7:39 PM EDT2017-05-25 23:39:49 GMT

    It's estimated that eight people die a day in Ohio due to the heroin and opiod crisis, Trumbull County has recorded a record number of overdoses. Now first responders in the valley are taking new precautions to protect themselves. Weathersfield Fire Chief Randall Pugh says he received a serious wake-up call when East Liverpool patrolman Chris Green accidentally touched fentanyl and overdosed. "We can't help anybody if we get injured yourself," Chief Pugh said. 

    More >>

    It's estimated that eight people die a day in Ohio due to the heroin and opiod crisis, Trumbull County has recorded a record number of overdoses. Now first responders in the valley are taking new precautions to protect themselves. Weathersfield Fire Chief Randall Pugh says he received a serious wake-up call when East Liverpool patrolman Chris Green accidentally touched fentanyl and overdosed. "We can't help anybody if we get injured yourself," Chief Pugh said. 

    More >>
Powered by Frankly
All content © Copyright 2000 - 2017 WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms