A source tells CBS Sports that a fine of as much as $60 million could be levied against Penn State:
The NCAA will fine Penn State at least $30 million and perhaps as much as $60 million for its involvement in the Jerry Sandusky scandal, industry sources told CBSSports.com’s Brett McMurphy.
The record fine will go toward an endowment for children’s causes, sources said.
It will be a significant chunk of change for the athletic program:
Penn State athletics had a net profit of $15 million in 2011. A $30-$60 million fine means 2 to 4 years of profits.
— Jon Solomon (@JonSolomonCBS) July 22, 2012
If this stiff a fine occurs, I hope the NCAA ensures Penn State won't cut other sports to balance its books.
— Jon Solomon (@JonSolomonCBS) July 22, 2012
Some see such a fine as a slap on the wrist.
So NCAA penalties will be partially a huge fine? I didn't think I could think worse of them but profiting off of abuse? Shame on them.
— Butch Worley (@butchworley) July 22, 2012
Penn State's endowment is $1.8 BILLION. A fine of $60 million is loose change in Penn State's ashtray.
— Gregg Doyel (@GreggDoyelStar) July 22, 2012
To put the $30-60 million fine in perspective, Penn State's athletic department had $116 million in revenue for the 2010-11 school year.
— Bobby Nightengale (@nightengalejr) July 22, 2012
However, the official announcement of sanctions is not until Monday morning. The fine could be on top of other sanctions.
$30-60 million dollar fine plus the sanctions!?!? Good God….
— God's favorite idiot (@KPageIsGreat) July 22, 2012
WHOA. Penn State is going to be fined between $30-60 million? THAT'S a statement. Is that the largest in collegiate history, or no?
— Kelly (@MungoNGus) July 22, 2012
is PSU getting fined 30-60 million PLUS bowl bans and loss of scholarships?
— Jason Smukler (@jpsu2001) July 22, 2012
So apparently the NCAA is going to fine Penn State between 30 and 60 million? ALL of that money better go to a charity. All of it.
— Corey Clark/TDO.com (@Corey_Clark) July 22, 2012
