BOO Collegiate Pacific

Costa Brava Partnership III L.P. ("Costa Brava"), Greenwood Capital L.P., and Greenwood Investors, L.P. ("Greenwood"), who are substantial shareholders of Sport Supply Group, Inc. (OTC: SSPY.PK) ("SSG"), have filed a lawsuit seeking to recover damages for breaches of fiduciary duty from SSG's controlling shareholder, Collegiate Pacific, Inc. (AMEX: BOO) ("Collegiate"), and from past and present directors and officers of SSG. The individuals named as defendants are Geoffrey P. Jurick, Thomas P. Triechler, Peter Bunger, and Terrence Babilla. The complaint, filed in the Delaware Court of Chancery, New Castle County, on Friday, July 14, 2006, alleges that the individual defendants breached their fiduciary duties to SSG's shareholders by improperly diverting Collegiate's interest in a merger transaction with all SSG shareholders into a separate stock-purchase transaction that only benefited one shareholder, Emerson Radio Corp. In particular, the complaint alleges that defendant Jurick disregarded a series of irreconcilable conflicts of interest as an officer and director of both SSG and its then-controlling shareholder Emerson and manipulated the negotiations with Collegiate so as to facilitate the sale of his own holdings in Emerson, in order to repay a $16 million short-term personal loan from Seng Heng Bank Ltd. of Macau originally due on July 20, 2005. The complaint alleges that the other individual defendants facilitated this course of conduct by failing to protect the interests of all SSG shareholders. The complaint also alleges that Collegiate knowingly aided and abetted these breaches of fiduciary duty in order to obtain control of SSG. Thus, as the complaint alleges, Emerson ultimately sold its SSG stock to Collegiate, in a transaction announced on July 5, 2005, for $6.74 a share -- an 80% premium to the then-current stock price. As a result of defendants' breaches, SSG shareholders, including Costa Brava and Greenwood, instead of benefiting from the premium transaction for all of SSG that Collegiate had originally desired, were denied their right to participate in this transaction. Douglas Gleason, Costa Brava's in-house legal expert, said "The complaint presents serious and detailed allegations that Geoffrey P. Jurick and the other individual defendants breached their fiduciary duties to SSG stockholders, and that Collegiate Pacific knowingly aided and abetted those breaches to further its own interests. We anticipate that other SSG shareholders will examine these allegations closely. We look forward to presenting our claims and vindicating our rights as shareholders in the Delaware Court of Chancery." About Costa Brava Costa Brava Partnership III LP is a Boston-based investment fund. About Greenwood Capital Greenwood Capital LP and Greenwood Investors LP are value-oriented event-driven funds that focus on undervalued and mispriced public equity securities.