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Penn State's revenue decline traced to renewals


April 11. 2013 4:37PM
Associated Press



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(AP) 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.


Associated Press


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