Pennsylvania State University will lose $13 million in bowl revenue over four years as a result of sanctions imposed by the National Collegiate Athletic Association. That coupled with the $60 million fine it received in the wake of the child sex abuse scandal involving former assistant football coach Jerry Sandusky has “generated interest and concern about the fiscal health of the Penn State Athletics Department,” said a report issued Friday by an external monitor.
The report by former U.S. Sen. George Mitchell, the external athletics integrity monitor overseeing Penn State’s compliance with the NCAA sanctions, was posted on Penn State’s web site Friday afternoon. The university, the NCAA and the Big Ten Conference entered into the agreement in August as part of the consent decree imposed by the NCAA.
In his third quarterly report, Mitchell praised the university for continuing to adhere to the consent decree, making changes in board governance, upgrading training and instituting other changes to improve the university.
“Penn State has continued to press forward in good faith in fulfilling its obligations,” the report said, noting that the university hired an athletics integrity officer and a director of university ethics.