UPDATE: Joe Paterno's Full Resignation Statement

UPDATE: Paterno has been fired, effective immediately.

Below is the full statement that Penn State University's Hall of Fame football coach Joe Paterno released on Wednesday announcing that he will retire at the end of his team's current season:

"I am absolutely devastated by the developments in this case. I grieve for the children and their families, and I pray for their comfort and relief.

"I have come to work every day for the last 61 years with one clear goal in mind: to serve the best interests of this university and the young men who have been entrusted to my care. I have the same goal today.

"That's why I have decided to announce my retirement effective at the end of this season. At this moment, (Penn State's) Board of Trustees should not spend a single minute discussing my status. They have far more important matters to address. I want to make this as easy for them as I possibly can.

"This is a tragedy. It is one of the great sorrows of my life. With the benefit of hindsight, I wish I had done more.

"My goals now are to keep my commitments to my players and staff and finish the season with dignity and determination. And then, I will spend the rest of my life doing everything I can to help this university."

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