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July 23rd, 2012
11:18 AM ET

NCAA fines Penn State $60 million

This morning, the NCAA imposed a $60 million sanction on Penn State University. These funds must be paid into an endowment for external programs preventing child sexual abuse or assisting victims and may not be used to fund such programs at the university. The sanctions also include a four-year football postseason ban and a forfeit of all wins from 1998 through 2011. Penn State must also reduce 10 initial and 20 total scholarships each year for a four-year period. In addition, the NCAA reserves the right to impose additional sanctions on involved individuals at the conclusion of any criminal proceedings.

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