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The gift horses of Sonoma State

Sonoma State needed money for athletic scholarships. The solution? A horse syndication, of course!

Updated: December 24, 2003, 1:32 AM ET
By Bill Finley | Special to ESPN.com

Sonoma State needed money for athletic scholarships, a lot more than can be raised by having players hold a couple of bake sales or car washes. The NCAA had mandated that all Division II programs must award $250,000 a year in scholarships by 2005 or they would be sentenced to the ignominy of playing in Division III. That meant coming up with at least $122,000 to close the gap, serious money for a small Northern California school forced to slash expenses due to the state's fiscal crisis.

It ...

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