Best advice to protect on non-monitored outbound links

[blaketar]

What is the best way to protect your site from outbound links in an area on our site which a user can create a link to their home page about craft show details?

Most all links are safe but in time a domain owner can change, a sites information can change etc. and it is nearly impossible for us to monitor all 5000 events for bad links.

Will the nofollow tag protect us if a linked site becomes a bad apple?

[whoisgregg]

What are you trying to protect yourself from? Bad publicity? If so, you would need to have some moderation and regular checking of links.

[blaketar]

Not really trying to hide anything just protect our site from possibly linking to a "Bad Neighbor" should someone we have a link too decide to sell or transfer their domain name or web site to a malicious person.

The manual process of checking all 5000 entries everyday to make sure the linked sites are still the same is impossible. Yes, we have actually caught a few this way however, the linked site completely changed focus and was nothing but affiliate links and adsense.

Would nofollow work?