Posted: Mon, July 23 2012 at 8:13 AM, Updated: Mon, July 23 2012 at 8:20 AM
Penn State University has been hit with fines of $60 Million, following a press release early Monday morning.
The school's football program will not face the so-called "death penalty" which would have prevented the team from playing in the Fall.
Other sanctions include the loss of all coach Joe Paterno's victories, from 1998 to 2011, a four-year ban on post-season bowl games, and the loss of 20 scholarships per year over four years.
The punishment stems from the child sex abuse scandal involving former assistant coach Jerry Sandusky, whom was found guilty in June of sexually abusing young boys, sometimes on campus.