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New Penn State coach Bill O’Brien says he’s committed to the school despite the harsh sanctions imposed Monday by the NCAA, including a four-year postseason ban and a big loss in scholarships.

In a statement released by the school, O’Brien said, “I knew when I accepted the position that there would be tough times ahead. But I am committed for the long term to Penn State and our student athletes.”

School President Rodney Erickson says Penn State accepts the penalties. He says the NCAA sanctions will help the school “define our course.”

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

The NCAA slammed Penn State for the Jerry Sandusky sex abuse scandal Monday with an unprecedented series of penalties, including a $60 million fine and the loss of all the school’s victories from 1998-2011, knocking Joe Paterno from his spot as major college football’s winningest coach.

Other sanctions include a four-year ban on postseason games that will prevent Penn State from playing for the Big Ten title, the loss of 20 scholarships per year over four years and five years’ probation. The NCAA also said that any current or incoming football players are free to immediately transfer and compete at another school. Click here to read on