Sport Supply Group Amends Revolving Credit Facility To Repurchase Up To $15.0 Million of Outstanding Convertible Subordinated De

  
    
  
  
    
      Sport Supply Group, Inc. (NASDAQ: RBI) announced today that it amended 
      its revolving credit agreement to permit the repurchase of up to $15.0 
      million of its senior subordinated convertible bonds due November 2009. 
      The Board of Directors has authorized management to repurchase the bonds 
      at levels management deems appropriate should the bonds become available 
      for sale on the open market. To date, approximately $1.5 million of the 
      bonds have been repurchased by the Company, leaving approximately $48.5 
      million outstanding.
    
    
      Adam Blumenfeld, Chairman and CEO stated: “During 
      Fiscal 2008 (ended June 30, 2008), Sport Supply Group produced cash flow 
      from operations totaling approximately $23.0 million (unaudited), 
      leaving the Company with cash on-hand of more than $20.0 million as of 
      June 30, 2008, and nothing drawn against its existing credit facility. 
      This operating strength and associated balance sheet strength has put 
      Sport Supply Group in position to consider the early retirement of our 
      bonds should the opportunity arise. The strength of our balance sheet 
      and credit facility puts the Company in prime position to react quickly 
      to other opportunities as well, including repurchasing common shares 
      and/or pursuing acquisition targets. We see this financial flexibility 
      as a considerable advantage in our marketplace and intend to use it 
      appropriately as conditions merit.”
    
    
      Sport Supply Group Inc. is the nation's leading marketer, manufacturer 
      and distributor of sporting goods and branded team uniforms to the 
      institutional and team sports market. The Company markets via 3 million 
      direct catalogs, a 40 person telesales team, 160 direct sales 
      professionals, and a family of company-controlled websites.
    
    
      This press release contains "forward-looking statements" within the 
      meaning of the Private Securities Litigation Reform Act of 1995. These 
      forward-looking statements include statements relating to Sport Supply 
      Group's anticipated financial performance, business prospects, new 
      developments and similar matters, and/or statements preceded by, 
      followed by or that include the words "believes," "could," "expects," 
      "anticipates," "estimates," "intends," "plans," or similar expressions. 
      These forward-looking statements are based on management's current 
      expectations and assumptions, which are inherently subject to 
      uncertainties, risks and changes in circumstances that are difficult to 
      predict. Actual results may differ materially from those suggested by 
      the forward-looking statements due to a variety of factors, including 
      changes in business, political, and economic conditions due to the 
      threat of future terrorist activity or otherwise, actions and 
      initiatives by current and potential competitors, and certain other 
      additional factors described in Sport Supply Group's filings with the 
      Securities and Exchange Commission. Other unknown or unpredictable 
      factors also could have material adverse effects on Sport Supply Group's 
      future results, performance or achievements. In light of these risks, 
      uncertainties, assumptions and factors, the forward-looking events 
      discussed in this press release may not occur. You are cautioned not to 
      place undue reliance on these forward-looking statements, which speak 
      only as of the date stated, or if no date is stated, as of the date of 
      this press release. Sport Supply Group is not under any obligation and 
      does not intend to make publicly available any update or other revisions 
      to any of the forward-looking statements contained in this press release 
      to reflect circumstances existing after the date of this press release 
      or to reflect the occurrence of future events even if experience or 
      future events make it clear that any expected results expressed or 
      implied by those forward-looking statements will not be realized.