Penn State head football coach Joe Paterno will retire at the end of the 2011 season, he announced today in a statement. Penn State and former assistant Jerry Sandusky are embroiled in child sex abuse allegations.

Paterno, nicknamed “JoePa,” has been head coach of the Nittany Lions since 1966 and is the only FBS coach to reach 400 victories. His current overall coaching record is 409-136-3. In bowl games, Paterno is 24-12-1 and has won two national championships (1982, 1986) and three Big Ten championships (1994, 2005, 2008).

Over the weekend, former PSU defensive coordinator Jerry Sandusky was charged with molesting eight boys between 1994 and 2009. Some of the incidents were alleged to have occurred on the Penn State campus.

For more on the Jerry Sandusky child sex abuse allegations, see Yahoo.com.

Update: Late Wednesday night, Penn State University Trustees fired Joe Paterno and president Graham Spanier.

Joe Paterno’s 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.”