UPDATE: (CNN) - The NCAA announced a $60 million fine today against Penn State University as part of the fallout from the child sex abuse scandal involving former coach Jerry Sandusky. The university also is banned from bowl games for four years.
The NCAA also vacated all of Penn State's football wins from 1998 to 2011, stripping the late Joe Paterno of the title of winningest coach in major college football history.
(KYTX) - A difficult day for Penn State University: the school's decision to remove late coach Joe Paterno's statue happens only a day before the school learns it's fate, following the Jerry Sandusky cover-up.
Workers used jackhammers and a forklift to move the statue from it's foundation and put it in storage.
On Monday morning, the hammer will come down on the university for it's involvement in the cover up in the Sandusky sex abuse allegations.
The NCAA plans on slamming the school with what is described as unprecedented penalties, and could be in excess of more than $30 million in fines.
"When these sanctions are all said and done, Penn State is going to wish it had the death penalty," says Armen Keteyian, CBS News Chief Investigative Correspondent. "That's how severe and punitive I'm told they're going to be."
The university's president says Paterno's name will be kept on the campus library because of his overwhelming contributions to academic life at Penn State.
