Pennsylvania State University will be paying a $60 million fine as a consequence of the child sex abuse scandal that's engulfed the school since last year. But that's not the only financial penalty it faces, as Penn State stands to lose many more millions of dollars in lost revenue from sponsors.
Automotive News is reporting that General Motors is reevaluating its financial support of the Nittany Lions athletic programs, though GM would not share specific details of its dealings with Penn State. If GM does decide to drop Penn State, it would follow on the heels of State Farm. The insurance company has announced that it is pulling TV advertisements during Penn State's home football games, according to the report.
Penn State will also lose some $13 million in football bowl revenue that it would have been paid by the Big Ten conference. That money will instead be donated to "established charitable organizations in Big Ten communities dedicated to the protection of children," according to a statement by the Big Ten Council of Presidents and Chancellors.