Penn State athletic director Pat Kraft will be in Happy Valley for the long run. On Monday, it was annuonced by the Penn State atheltic department that the Penn State Board of Trustees has approved a new contract for the Nittany Lions' vice president for Intercollegiate Athletics through June 2032.
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Kraft will be paid $2.26 million annually, a total contract value of over $18 million and could receive performance-based bonuses upwards of $350,000.
“Pat is an extraordinary leader who brings valuable insight and strategic direction to Athletics and the University, with a focus on both athletic and academic success for Penn State’s more than 800 student-athletes,” said Penn State President Neeli Bendapud in a pess release. “This new contract will help ensure Penn State continues to benefit from Pat’s leadership for years to come.”
The former Boston College athletic director is only entering his third year as the university's athletic director after arriving in Happy Valley in June 2022.
“I am deeply thankful to President Bendapudi and the Board of Trustees for their unwavering support of our intercollegiate athletics program and our leadership team,” said Kraft. “Penn State is a remarkable place, made so by its incredible people – our talented student-athletes, dedicated coaches and staff, passionate supporters and engaged community members. I am excited for us all to continue working together to elevate Penn State Athletics and the University as a whole. Betsy, our children, and I feel truly blessed to be a part of the Penn State and State College communities, and we cannot wait for what lies ahead.”
Under Kraft's leadership, Penn State has seen the creation of a mental health and wellness department within Intercollegiate Athletics and has also overseen the $700 million renovation of Beaver Stadium.
Known for his fundraising abilities, Kraft has also helped Penn State's athleitc department secure numerous major philantrophic gifts including securing $25 million and $10 million gifts for the renovation of Beaver Stadium in recent weeks. According to the official press release, Penn State has also "over $1 billion of guaranteed revenue over the next decade."
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