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Penn State fined $60M, wins vacated from '98-11

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By Colleen Curry
ABC News

Penn State's football team was spared the death penalty today but the university was fined $60 million and the school's legendary former coach Joe Paterno was stripped of 13 years of wins and the title of winningest coach in history, the NCAA announced today.

"The historically unprecedented actions by the NCAA are warranted by the conspiracy of silence maintained at highest level of the university with reckless and callous disregard for children," Ed Ray, the chair of the NCAA's executive committee, said at the announcement today.

The football program will also be excluded from playing in bowl games and post-season games for four years, as well as having its football scholarships reduced from 25 to 15, and having to pay a $60 million fine, the equivalent of one year's revenues from the football program. The money will go to creating child sex abuse awareness programs around the country.

Click here to read more at ABCNews.com

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