No Sign of Revenue Slide for Penn State Football, Per Bloomberg Report
Penn State football’s revenue has not waded in the wake of the Jerry Sandusky child sex abuse scandal, according to a report by Bloomberg.
Donations tied to ticket sales are expected to reach a record $17.5 million this season, Bloomberg notes, all 60 luxury suites are sold out and about 68,000 season tickets have been purchased — similar to last year’s total.
As the article details, Penn State must continue to reach out to alumni and openly communicate its plans for moving on from the scandal, which hopefully will be a tell-tale sign for sponsors that Penn State is still a brand worth supporting.
Included in the sanctions package dished out by the NCAA in July is a $60 million fine over five years, a reduction of 40 scholarships over the next four years, a four-year postseason ban and the loss of all wins from 1998-2011.
Penn State athletics generated about $116 million for the fiscal year starting July 1, 2010 and ending June 30, 2011, according to the school’s submission to the Department of Education as part of a mandatory Title IX compliance.
Penn State football expenses in 2010-11 were $19.5 million, while its revenue was $72.7 million — a net profit of $53.2 million.
In addition, Forbes reported Thursday each Big Ten school will get $7.2 million from the Big Ten Network, according to data by SNL Kagan.
The Nittany Lions (2-2) travel to Illinois (2-2) for their Big Ten opener Saturday. Kickoff is set for noon, and ESPN will televise.