Joe Paterno to retire: Is the Penn State scandal over?

Joe Paterno announced that he will retire at the end of the Penn State football season, after 61 years of coaching at Penn State,

Penn State University football coach Joe Paterno announced on Wednesday he will retire at the end of the current football season.

The move by the legendary 84-year-old coach comes amid a scandal over allegations that a long-time former assistant coach sexually abused boys and that school officials covered it up.

"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," Paterno said in a statement announcing his retirement.

Paterno, with 409 wins, has more victories than any other Division 1 college football coach in history. He's worked at Penn State for more than six decades, and been head coach  for more than four decades. Calls for Paterno to step down grew in the wake of charges filed Saturday against a former Penn State assistant coach, Jerry Sandusky.

But it's not clear that Paterno's announced retirement timeline will quell anger over how Penn State officials have handled the Sandusky scandal.

Here is a text of Paterno's written statement.

"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 the 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."