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Penn St. traces decline to renewals

Updated: April 11, 2013, 4:27 PM ET
Associated Press

STATE COLLEGE, Pa. -- About 90 percent of the $7.8 million decline in revenue for Penn State's athletic department was due to a loss of one-time fees related to football club seat and suite renewals that were not budgeted for in 2012.

The department Thursday released a statement offering explanations on the financial report released earlier this week. The report showed athletics revenue at nearly $108.3 million for the fiscal year that ended in June 2012, down almost 7 percent or $7.8 million, ...

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