Here's my understanding of it...
When whatever millionaire/billionaire (Paul Allen?) sold off The Sporting News, it went to the American City Business Journal people (Houston Business Journal and others). They didn't want the radio network, they just wanted the newspaper.
Clancy Woods got the network as Mission Media Group, licensing the name "Sporting News Radio" from ACBJ. Gow bought into Mission, Clancy got out. (I'm assuming Clancy got paid, because that's how he rolls.)
In addition to the teaser promos about August 1, you'll notice that the Sporting News name has all but disappeared from the network.
If CBS wanted to launch a sports radio network, they have all the resources in house. They don't need to buy out David Gow. But they (or anyone else with a decent brand such as NBC) could license their name in the same fashion that Fox has done with Premiere.
I don't know if Gow has licensed another company's name or whether he's created his own new brand, but it's a safe bet that the rights to use "Sporting News" go away at midnight on Monday on his network.