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Penn State pays millions to Paterno's estate

6:30 PM, Apr 19, 2012   |    comments
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HARRISBURG, Pa. -- Penn State says it has provided more than $5.5 million in payments and benefits to settle Joe Paterno's employment contract.

School spokesman Bill Mahon says the university and Paterno's estate finalized the remaining payments due to the longtime coach, who was fired in November in the wake of former assistant Jerry Sandusky's arrest on child sexual abuse charges.

Paterno died of lung cancer in January. The school says it made the payments Thursday to Paterno's estate.

A breakdown of the settlement provided by the school includes a career bonus of $3 million, an annual bonus of $425,000, the use by Paterno's family of a Beaver Stadium suite for 25 years and $900,000 from television and radio revenue from last season.

The Associated Press

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