Continuity mistake: When the kid rescues Bud from his former owner, Bud's paws become all muddy when the faucet breaks. In the next scene they are running down the road and Bud's paws are clean.
Character mistake: In the Liverpool match the commentator says that Liverpool could win their 19th title, in the 1988-89 season Liverpool had 17 titles, and won their 18th title the year after in the 1989-90 season.
Revealing mistake: Towards the end of the film when the Yankees are trying to close out Game 6 of the World Series you can tell the "real" footage they use is not from the World Series. They are playing the Atlanta Braves in the World Series but you can see the Baltimore Orioles logo on the field in a number of shots.
Continuity mistake: The rich promoter has red on his vest, before Don King throws his tomato juice.
Plot hole: In the waning seconds of the championship game, the Huskies are down by 2 and UMass has the ball. Not only do the Huskies not intentionally foul to stop the clock, but UMass attempts to run a play and set up a basket when they simply could have dribbled out the clock and won the game. Both these strategies go against what any basketball team would do in this situation, especially in a championship game.