FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION:

Thursday, September 21, 2006 At the Company:

Terry Babilla, President and COO

or Bob Mitchell, CFO

972-484-9484

Sport Supply Group, Inc. Announces Definitive Merger Agreement – Collegiate Pacific to Purchase Remaining Shares of Sport Supply Group at $8.80 Per Share in Cash

Dallas, Texas – Thursday, September 21, 2006 - Sport Supply Group, Inc. (Pink Sheets: SSPY.PK), a leading institutional sporting goods distributor, today announced the execution of a definitive merger agreement pursuant to which Collegiate Pacific will acquire the remaining shares of Sport Supply for approximately $24 million in cash, or $8.80 per share, without interest, for each issued and outstanding share of Sport Supply Group common stock, except for shares owned by Collegiate Pacific. The merger agreement has been approved by the board of directors of SSPY, upon the recommendation of a special committee of the board of directors of SSPY. The special committee received a fairness opinion that the transaction is fair to the minority SSPY stockholders from a financial point of view. The merger agreement is subject to, among other things, the approval of the stockholders of SSPY and the obtaining of financing. Collegiate Pacific controls 73.2% of SSPY's voting power and has agreed to vote all of its shares in favor of the merger agreement. Collegiate Pacific expects to finance the merger through borrowings under a new credit facility with Merrill Lynch Business Financial Services.

Sport Supply Group is a leading direct marketer and B2B e-commerce supplier of sporting goods and physical education 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 SSPY’s products.

For more information about Sport Supply Group or to sign up as an associate for your organizations own on-line sporting goods store, please visit www.sportsupplygroup.com