This happens from time to time.
Not as much as it did 5 or 6 years ago, but it still happens. A domain name that should be associated with a particular company or franchise ends up in the hands of someone else who refuses to sell it.
Then it either sits on the shelf forever or in this case becomes a gay dating site.
Deadspin breaks down how the Cowboys chain of command botched the purchased Cowboys.com which they had won in a domain auction.
The site is active if you are a gay Cowboy looking for love.