Report: Paterno Contract Deal Reached Amid Grand Jury Testimony
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STATE COLLEGE, Pa. (CBS WireReports) – Veteran Penn State football coach Joe Paterno began talks that resulted in a sweetened retirement contract in the same month that he testified before a grand jury in the Jerry Sandusky sex-abuse case, and all members of the board of trustees weren’t informed of the new package before the scandal engulfed the university, according to a published report.
Paterno and the university reached agreement on the amended contract that eventually totaled $5.5 million in August, months before charges were filed against Sandusky, but they began negotiating in January, the New York Times reported Saturday.
The amended contract, which was reported on by the Associated Press in April, included a $3 million career bonus if Paterno retired at the end of the 2011 season, as well as well as forgiveness of $250,000 in outstanding indebtedness and an additional $100,000 in loans.