(This story was edited on April 6, 2010 at 4:33pm EST, to properly reflect the correct team Butler defeated in the semi-finals.)

RazorGator, the NCAA's authorized ticket resale marketplace for the Final Four, reportedly has come under fire for its practice of only buying back lower level tickets for resale for tonight's National Championship game.

(The second paragraph in this story was edited at 9:28am EST Tuesday, September 15, 2009, to reflect Andrew Hentrich claimed he was not paid several hundred thousand dollars by RazorGator in connection with Beijing Olympics tickets.)

The legal wrangling between RazorGator and Texas ticket broker Andrew Hentrich, over alleged non-payment for Beijing Olympics tickets Hentrich acquired for RazorGator, continues to fester.

Hentrich sued RazorGator last fall, claiming the company had not paid him several hundred thousand dollars in connection with thousands of Beijing Olympics tickets he bought for the company, for which the two parties were supposedly going to split the profits 50-50. The two parties attempted to work out a settlement but could not come to an agreement.

"RazorGator Official Partnership with Tournament of Roses® to Include BCS National Championship in 2010"

LOS ANGELES (RazorGator) May 4, 2009 – RazorGator has reached agreement with the Tournament of Roses to extend their multi-year partnership for the Rose Bowl Game presented by Citi to include the 2010 Citi BCS National Championship Game. RazorGator will power the Official Fan2Fan Ticket Exchange for next year’s BCS National Championship Game while its subsidiary, PrimeSport, will serve as the game’s preferred travel package provider.

RazorGator, the industry-leader in Hard-to-Get® tickets for sports and entertainment events worldwide, will continue as the Official Fan2Fan Ticket Exchange Provider of the Tournament of Roses and the Rose Bowl Game for the fourth consecutive year. Under that same agreement, PrimeSport will continue as the Official Hospitality Village and Travel Partner of the Rose Bowl Game. The Rose Bowl® will be held Friday, January 1, 2010, followed by the 2010 Citi BCS National Championship Game on Thursday, January 7.

RazorGator CEO Jeff Lapin, who replaced David Lord in the top slot in April 2007, has left the company, sources have told TicketNews.

The Los Angeles, CA-based company has not issued a release nor confirmed the dismissal, but Lapin is believed to be replaced by Brendan Ross, President of Ross Asset Advisors and a former Ticketmaster Entertainment executive. According to his company's Web site, Ross led the team that helped to create Ticketmaster's TicketExchange.

In what could be a sign of things to come for secondary ticket companies in light of the current recession, RazorGator has reached out to venture capitalists and raised $7.5 million in financing.

The company did not release details of its latest round of financing, but according to RazorGator spokesperson Scott Roback, the company expects to release information on matter sometime next week after the deal closes. According to the private equity Web site PEHub.com, Steamboat Ventures, an affiliate of the Walt Disney Company, has placed one of its managing directors, Dan Beldy, on RazorGator's Board of Directors.