Penn State gets $60 million fine, wins wiped away from 1998 to 2011

BELLEFONTE, PA - Penn State was hit with big sanctions Monday morning, following the child abuse convictions of former football assistant coach Jerry Sandusky.

The sanctions include a 4-year ban from bowl games, a $60 million fine, and wiping away their football wins from 1998 to 2011 under Coach Joe Paterno.

NCAA President Mark Emmert also announced in the news conference around 6 a.m. that the school will lose 20 scholarships per year over four years.

Emmert said any incoming or current football players at Penn State are able to transfer and immediately compete at another school if eligible.

The school is also on a five-year probation.

Sandusky was found guilty in June of sexually abusing young boys in a span of 15 years.

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