News Update: In today's news:



The sale of the Dodgers to Frank McCourt was completed this afternoon. You can read more on the bid here.



NCAA President Myles Brand announced a task force to look into recruiting practices across the nation. This is in response to the allegations of recruiting-sex parties at the University of Colorado.



The New York times reports on the financial report released yesterday by former SEC-chair Arthur Levitt, who said he found the league in "dire financial shape." While 11 of the 30 teams were profitable last year, “earning nearly $70[M] or an average of $6.4[M] each. The other 19 lost a total of $342[M] or, on average $18[M]." Read more on the impending NHL labor dispute here.



Finally, the Open Wheel Racing Series is close to finalizing its deal to purchase CART, the racing series currently in bankruptcy, for $78 million.

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