Retirement statement by Penn State's Paterno

STATE COLLEGE, Pennsylvania (Reuters) - Penn State University football coach Joe Paterno announced on Wednesday he will retire at the end of the current 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.

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.