Penn State Making Wayyy Less Money Since Sandusky Scandal

For the first time in the post-Paterno-era, Penn State has released an annual revenue report. And the news could have been better. In the year ending June 2012, the school’s athletic department made $7.8 million less than it had in ’10-’11. Some of that decline was due to a depletion of “reserve funds” that it disbursed for charitable child abuse prevention efforts and severance packages for former Paterno staff members. Stadium attendance was down from 97-98% to 92% last year as well. But the bulk of the decrease was caused by the fact that a one-time fees collected for club seats and suites were not again collected last year. [AP]