Well I'm not sure exactly, but it's a 4MP camera according to Nikon's website. It likely came out before or around the time of the D70, which came out around 30 months ago (the D70s came out 15 months after that, and the new Nikon D80 has been released 15 months after the D70s). The D2Hs, D2X and D2Xs are all better than it. However, if you're getting it for free, then it's a great deal. In fact, 4 MP is a lot of pixels. Really. It may not sound like a lot nowadays, but I don't look at my Canon IXUS 40 and think, "This camera takes crap photos." It's still likely a very very good camera. It's just that advances in autofocus, metering, dealing with noise at high ISOs, etc, are found in newer cameras.
Did this person at work agree to sell it to you? I was under the impression that he was just going to give you his old camera (even though you did say it was "new").
Anyway, it comes with a lot of nice features that you wouldn't find in a D50, so in a way it's better for sports.