November 6, 2002

Sport Supply Group Announces Improved Results for Quarter Ended December 2002 on 9% Revenue Growth

Dallas, Texas, Wednesday, January 29, 2003 - Sport Supply Group, Inc. (OTCBB:SSPY) today announced improved results for the three and nine-months ended December 27, 2002. The Company has now produced improved operating results for the past four quarters and anticipates continued improvements in financial performance.

Quarter ended December 27, 2002 Highlights

Revenues increased 9%
Bookings increased 28%
Selling General & Administrative Expenses reduced $500,000 or 6% as a percentage of revenues
Operating loss reduced $732,000
Interest expense reduced $83,000
Net loss reduced by $1.3 million
Cash flow improved by 26%

Nine-months ended December 27, 2002 Highlights

Net sales were $71.4 million as compared to $73.2 million
Bookings increased 5%
Gross margin as a percentage of revenues improved 1.5%
Selling General & Administrative Expenses reduced $1.4 million
Operating loss reduced $1.9 million
Net loss reduced $2.2 million
Cash flow improved $1.7 million

The Company announced that more than 1,000 organizations have joined the Company's Associate Program. The Associate Program enables organizations to incorporate SSG's electronic catalogue into their own website and market SSG's sporting goods products to their members. The Associates receive a percentage of the revenues generated from the sale of sporting goods ordered on the associates' sites. The Company believes that the advantages offered to an associate are unique in the institutional sporting goods marketplace.

Revenues for the three months ended December 27, 2002 were $18,518,378 as compared to $17,042,624. Gross profit for the quarter was $5,067,030 (27.4%) as compared to $4,831,928 (28.4%). Net loss for the quarter was ($2,358,809) as compared to ($3,695,055) for the comparative quarter last year.

For the nine months ended December 27, 2002, revenues were $71,378,981 as compared to $73,242,437. Gross profit for this period was $21,238,192 (29.8%) as compared to $20,659,766 (28.2%). Net loss for the nine months ended December 27, 2002 was ($2,126,864) compared to ($4,350,250) the prior year.

SSG's balance sheet remains strong at December 27, 2002, with total assets of $63.0 million, stockholders' equity of $34.9 million, and working capital of $23.0 million. SSG reduced its bank debt by $3.5 million from the beginning of the fiscal year.

John P. Walker, President, stated "While the December quarter is traditionally the weakest in the institutional sporting goods industry, our operating results for this quarter are noticeably improved and represent the fourth consecutive quarter of improved results. We continue to be optimistic that the strategic initiatives set in place by the Company are on track and producing favorable results in all operating areas of the Company. Our bookings and revenues increased sharply during the December quarter showed while the restructuring and operating expense reduction initiatives have improved our operating results.

"The Company's operating, e-commerce and sourcing infrastructure have been streamlined to bring additional product to the marketplace in a very effective and efficient manner. This is being done with such well-known brand names that we own or license like MacGregor®, Voit®, Champion Barbell(TM) and ATEC®. We will continue to look for opportunities to jointly develop additional products and product lines with others in the sporting goods industry. Our product development will be done with our associates in mind, knowing that we can reach them in a joint marketing alliance.

"The Company's Associate Program continues to expand to many organizations. We have seen a significant increase in the orders through the Associate Program and we expect this to continue as a result of wide acceptance among our customer base.

"Furthermore, we have now successfully launched free website hosting for our customers. We anticipate this value added convenience will reinforce the benefits of participating in the program."

Emerson Radio Corp. (AMEX:MSN) owns approximately 53% of Sport Supply Group.

Sport Supply Group is a leading direct marketer and B2B e-commerce supplier of sporting goods equipment to the institutional and youth sports market place. Athletes, coaches and instructors in schools, colleges, universities, governmental agencies, camps and youth organizations across the country use the Company's products.

The Company offers an Associate Program that allows an organization to market and promote more than 8,000 sporting goods products directly to its participants by way of an on-line store. Product, distribution, technology and support are provided by Sport Supply Group and the marketing and promotion of the organization's on-line store is conducted by the Associate to its individual members. A high degree of customization such as outstanding site graphics, unique product offerings and many other features are available to customize associate sites to the extent desired.

For more information about Sport Supply Group's Associate Program, please visit us at www.sportsupplygroup.com.

This news release, other than the historical information, consists of forward-looking statements that involve risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Reports on Form 10-K and Form 10-Q. Such forward-looking statements are made based on management's belief as well as assumptions made by, and information currently available to, management pursuant to the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Actual results may vary materially.

Sport Supply Group, Inc.
Summary Operating Results and Balance Sheets
For The 9 Months Ended December 2002

Summary Operating Results           9 Months Ended     Quarter Ended
                                    ---------------   ---------------
($000)                             Dec 2002 Dec 2001 Dec 2002 Dec 2001
                                   -------- -------- -------- -------

Revenues                             71,379   73,242   18,518  17,043
Gross Profit                         21,238   20,660    5,067   4,832
Operating Expense                    22,930   24,285    7,447   7,945
Operating Loss                       (1,693)  (3,625)  (2,380) (3,112)
Interest & Other Expense                434      725      115     208
Net Loss                             (2,127)  (4,350)  (2,358) (3,695)


                                       Dec     March
Summary Balance Sheets                 2002     2002
                                     -------- -------

Cash and Equivalents                   1,300     587
Accounts Receivable                   12,759  18,825
Inventory                             20,794  18,368
Other Current Assets                   2,926   2,455
                                     -------- -------
Total Current Assets                  37,779  40,235
Property                               8,889   9,951
Other Assets                          16,369  17,121
                                     -------- -------
Total Assets                          63,037  67,307
                                     -------- -------

Current Liabilities                   14,725  13,258
Long Term Debt                        13,390  17,000
Stockholders' Equity                  34,922  37,049
                                     -------- -------
Total Liabilities and Equity          63,037  67,307
                                     -------- -------

Please refer to our Form 10-Q as filed with the SEC for complete financial information.