Since crazed originally was responding to my comment, let me clarify this: the reason I find trophy hunting distasteful has nothing to do with species endangerment. I find it distasteful because I think it shows a lack of respect for life, and I think taking the life of an animal should be accompanied by some utilitarian justification, such as food, or the protecting of livestock, whatever.
But, from a purely conservationist standpoint, I'm willing to look past my own distaste, because, as I originally pointed out, big game hunting in Africa is actually an important part of conservation of these species. Namibia wouldn't have the resources to protect these species without the money received from rich western hunters during occasional license auctions. The money spent to kill one elephant can be used to save multiple other elephants from poachers. It's a net gain, conservation-wise.
Similarly, in many areas of North America, deer sometimes need to be culled to help prevent the spread of disease, or to lessen competition for scarce resources that might be more damaging for the population as a whole than hunting is. In those cases, my personal distaste for hunting just for sport takes a backseat to the practical benefits of thinning the population. (FTR, most hunters I know don't hunt just for sport, but instead turn their catch into food.)