“Unprecedented failures” cost Penn State $60 million, 14 years of football victories

From the NCAA: The National Collegiate Athletic Association has imposed a $60 million sanction on Penn State University because of “an unprecedented failure of institutional integrity” that allowed former assistant football coach Jerry Sandusky to sexually abuse boys on campus. The fine is equivalent to the average gross annual revenue of Penn State's football program, and the money will be used for programs to prevent child sexual abuse or assist victims The sanctions also call for a reduction of football scholarships, a four-year football postseason ban and a vacation of all the team's wins from 1998 through 2011. Penn State has agreed to accept the sanctions.

REACTION: Penn State president Rodney Erickson responds to the NCAA action: “It is important to know we are entering a new chapter at Penn State and making necessary changes. We must create a culture in which people are not afraid to speak up, management is not compartmentalized, all are expected to demonstrate the highest ethical standards, and the operating philosophy is open, collegial, and collaborative.”
Read Erickson's entire statement.

ALSO:

• Read statements from football coach Bill O'Brien and Acting Athletic Director David Joyner.
• Read the consent decree signed by Penn State and the NCAA.

EARLIER:

Penn State removes statue of former football coach Joe Paterno from outside stadium.