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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT


                     Pursuant to Section 13 or 15 (d) of the
                         Securities Exchange Act of 1934



              Date of Report (Date of the earliest event reported)
                                February 23, 2000


                       PLAY BY PLAY TOYS & NOVELTIES, INC.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)



              Texas                       0-26374               74-2623760
(State or other jurisdiction of        (Commission           (I.R.S. Employer
incorporation or organization)         File Number)         Identification No.)


                                  4400 Tejasco
                            San Antonio, Texas 78218
              (Address of principal executive offices and zip code)


                                 (210) 829-4666
              (Registrant's telephone number, including area code)

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ITEM 5.  OTHER EVENTS

         On February 23, 2000, Play By Play Toys & Novelties, Inc.'s (the
"Company") received the resignation of Tomas Duran from his position as a
Director of the Company and Chairman of the Audit Committee.

                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, this 2nd day of March 2000.


                                          PLAY BY PLAY TOYS & NOVELTIES, INC.

                                          By: /s/ JOE M. GUERRA
                                                  Joe M. Guerra
                                                  CHIEF FINANCIAL OFFICER,
                                                  SECRETARY AND TREASURER