Penn State Football

Penn State football drops from No. 3 to No. 13 on Forbes’ most valuable list

Penn State has tumbled down Forbes’ list of most valuable college football teams from No. 3 last year to No. 13 this year.

Forbes put Penn State’s value at $79 million this year, which was down 21 percent from $100 million last year.

Forbes said Penn State spent nearly $11 million in new expenses that were from the Jerry Sandusky child abuse scandal.

Penn State’s football revenue was $66 million, and it made $36 million in profits.

Penn State’s value fell more than any team on the list, which had the Texas Longhorns at No. 1, Big Ten foe Michigan Wolverines at No. 2, and Notre Dame’s Fighting Irish at No. 3.

Penn State’s athletic department is responsible for paying the $60 million fine imposed by the NCAA. The first payment of $12 million is expected to be made Thursday.