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Penn State

· Massive fine is equal to annual gross revenue of football programme

· Will also serve five-year probation and reduce scholarships

· Some warn that NCAA action will cripple the school and the State College community

· Knocks Joe Paterno down list of NCAA's winningest coaches

· Statue of Paterno was torn down on Sunday after his role in a cover-up of Jerry Sandusky's actions was revealed

· Paterno family says tearing down the statue does not 'serve the victims' of Sandusky's 'horrible crimes'

· Paterno died of lung cancer in January

Penn State has been forced to surrender $60million in fines, serve a four-year ban on appearing in bowl games and must surrender all wins between 1998 and 2011 following months of turmoil resulting from the appalling Jerry Sandusky child sex scandal.

The punishments against the football team by the NCAA stunned the PSU campus, where students could be seen in shock while watching the announcement on TV.

The NCAA's actions also include a five-year probation and a reduction of scholarships for the next four, NCAA president Mark Emmert announced during a press conference in Indianapolis.

Before and after: Workers gutted the location of the Joe Paterno statue outside Beaver Stadium on Sunday morning, the day before the NCAA sanctions were announced

Tensions: Paterno hardly got along with his former assistant Jerry Sandusky, left, even before allegations of child sex abuse were raised

Ed Ray, the chairman of the NCAA executive committee, called the Penn State scandal a 'stern wake up call for everyone involved in college sports.'

The university’s storied football programme is now marred by decades of Sandusky's sexual abuse of young boys, some of which had occurred in Penn State facilities the like locker room showers.

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The NCAA said the $60million figure is equivalent to the annual gross revenue of the football program.

The money must be paid into an endowment for external programs preventing child sexual abuse or assisting victims and may not be used to fund such programs at Penn State.

Response: Penn State students and others react as the NCAA sanctions were announced

'Football will never again be placed ahead of educating, nurturing and protecting young people,' Mr Emmert said.

He added: 'All involved in intercollegiate athletics must be watchful that programs and individuals do not overwhelm the values of higher education. 

'In the Penn State case, the results were perverse and unconscionable.'

BLITZ: THE SANCTIONS BROUGHT AGAINST PENN STATE FOOTBALL

· A fine of $60million that will be donated to a endowment benefitting programs that protect children against sex abuse

· Penn State football is forbidden from competing in any bowl games or any other postseason play for four years

· All wins secured by Penn State between 1998 and 2011 have been vacated

· Penn State must give up 20 scholarships each year for four years.

· The NCAA has imposed a five-year probation on the Penn State athletic department

· Penn State must enroll in an 'integrity agreement' with the NCAA

Penn State will also be forced to give up 20 scholarships each year for four years.

Earlier in the press conference, Mr Emmert said he had 'never seen anything as egregious' as the horrific crimes of Sandusky and the efforts of head coach Joe Paterno and others at the university - including former Penn State President Graham Spanier and athletic director Tim Curley - to hide it.

Paterno's role in covering up the scandal was detailed in the report of former FBI director Louis Freeh, which was released this month.

The NCAA decided not to invoke its so-called 'death penalty,' a ban on competing in a sport - a move it has made five times before.

In surrendering all wins from 1998-2011, the NCAA undid 111 victories of Joe Paterno - who coached the team for nearly 50 years.

Once the winningest coach in NCAA Division I history, Paterno will now be No. 5 on the list.

Former Florida State coach Bobby Bowden will now hold the top spot in the NCAA Division I record book with 377 wins. Paterno will now be credited with 298 wins.

In a statement released on Monday afternoon, the Paterno family said: 'The NCAA has become the latest party to accept the [Freeh] report as the final word on the Sandusky scandal.

'The sanctions announced by the NCAA today defame the legacy and contributions of a great coach and educator without any input from our family or those who knew him best.'

The scholarship reductions mean that Penn State's roster will be capped at 65 scholarship players within a couple of

The normal scholarship limit for major college football programs is 85.

Emmert said that Penn State signed a consent decree, accepting the NCAA's punishment and agreeing not to appeal its decision.

Not long after the NCAA announcement, the Big Ten Conference - to which Penn State belongs - declared its own punishment against the school.

The conference announced that the university will not be allowed to share in the $13million bowl revenue during its postseason ban. Instead, the Big Ten will donate the funds to charity.

The NCAA penalty also is worrisome for a region where the economy is built at least partially on the strength and popularity of the football program