Penn State athletics facing major debt amid stadium renovation project

Penn State University is facing significant financial challenges, closing the 2025 fiscal year with $534.7 million in athletics-related debt. This debt surpasses Florida State's reported $437 million and is primarily attributed to the ongoing renovation of Beaver Stadium. The renovation, funded through debt, is expected to cost $700 million and is slated for completion in 2027. Built in 1960 and last renovated in 2001, Beaver Stadium's update aims to enhance facilities and potentially increase revenue. The university plans to repay the debt through athletics department revenue, projecting a net revenue gain once the project is finished. However, the substantial debt will impact the Nittany Lions' financial flexibility in the coming years.