FILE - In this Nov. 24, 2012, file photo Penn State players huddle on the field before an NCAA college football game against Wisconsin in State College, Pa. Penn State said about 90 percent of the $7.8 million decline in revenue for the athletic department was due to a loss of one-time fees related to football season-ticket renewals that were not budgeted for in 2012. (AP Photo/Gene J. Puskar, File) (The Associated Press)
STATE COLLEGE, Pa. – Penn State said about 90 percent of the $7.8 million decline in revenue for the 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 athletic department on Thursday released a statement offering explanations on the financial report released late Monday. The report showed athletics revenue at nearly $108.3 million for the fiscal year that ended in June 2012, down nearly 7 percent from the $116.1 million in revenues the previous year.
Penn State in 2010-11 rolled out new season-ticket pricing guidelines that in large part tied giving levels to seat renewals.
The figures are part of a filing required by the U.S. Department of Education of athletic departments.
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