Back in February of this year it was announced that the Big Ten’s Council of Presidents/Chancellors had decided to restore Penn State’s share of the conference bowl revenues for the upcoming football season (2015-16).
As it turns out, it’s postseason Christmas a year early for the Nittany Lions’ athletic department coffers.
Sunday evening in a press release, it was announced by the same B1G entity that it has decided to end Penn State’s revenue ban a year early. As a result, Penn State will receive in the neighborhood of $4.5 million in 2014-15 bowl revenue that had previously been withheld from the university because of the Jerry Sandusky scandal.
It was thought a couple of months ago that the most recent withholding would cost the athletic department at least $5 million for the 2014-15 bowl cycle — and potentially substantially more given Ohio State’s run to the College Football Playoff title. The previous two years (2013-14, 2012-13), the department lost in the neighborhood of $5 million combined.
Additionally, the $2.6 million the school received in bowl revenue for the 2011-12 bowl cycle — the Sandusky scandal broke in November of 2011 — was donated by the university to child-abuse organizations. All of PSU’s revenue collected by the Big Ten since, incidentally, was divided equally among the conference membership, and was then distributed to similar child-abuse organizations by the individual schools.
“I am obviously very pleased to report that the council agreed to provide us with our full share of the bowl revenue,” Penn State president Eric Barron said in a statement Sunday evening. “This money is used to support student-athletes and our programs, and some things have been delayed due to the ban. Obviously, it is much needed and welcome. I thank my fellow presidents.”
Moving forward, the school will be eligible to receive a full share of the bowl revenue doled out to every Big Ten institution.