Contact:          Stephen M. O'Hara
                  Chairman & CEO
                  636 349-3500


                           RAWLINGS ANNOUNCES INTEREST
                        FROM POTENTIAL STRATEGIC ACQUIROR


Fenton, Missouri, November 27, 2002 - Rawlings Sporting Goods Company, Inc.
(NASDAQ: RAWL) announced today that its Board of Directors is carefully
evaluating an expression of interest from a strategic party for the potential
acquisition of Rawlings. The expression of interest contemplates a
stock-for-stock transaction at a premium to Rawlings' current share price. The
expression of interest is preliminary and non-binding and is subject to a number
of conditions, including completion of due diligence, negotiation and execution
of a definitive agreement, board and shareholder approval, and regulatory
approval. The Board of Directors, with the assistance of its financial advisor,
George K. Baum & Company, and its legal counsel, is evaluating the possibility
of pursuing a transaction with this potential acquiror as well as other
strategic alternatives to increase shareholder value.

         Primarily as a result of these developments, the Board of Directors has
adopted a new Shareholder Rights Plan. The Shareholder Rights Plan will provide
sufficient time, as well as flexibility and negotiating leverage, to adequately
evaluate strategic alternatives in an orderly manner to facilitate enhanced
value for all shareholders.

         Steve O'Hara, Chairman and CEO, commented, "While there can be no
assurance that we will consummate a transaction, we believe the interest put
forward by the potential acquiror is reflective of our strategic value and
ongoing earnings improvement. The Board felt that it was in the best interests
of the Company and our shareholders to adopt the new Shareholder Rights Plan to
facilitate the proper evaluation of these recent developments. The Shareholder
Rights Plan will also ensure fair and equal treatment of all shareholders in any
acquisition transaction that may be pursued."

         The Shareholder Rights Plan includes a TIDE provision under which a
committee composed solely of independent directors will periodically consider
whether retention of the Shareholder Rights Plan continues to be in the best
interests of Rawlings and its stockholders. It also includes a "Permitted Offer"
exception which allows an offer to be considered directly by shareholders if it
is a fully financed offer of cash or a publicly traded security for all shares
and is at a price and other terms which are determined by the Board of Directors
to be fair and otherwise in the best interests of shareholders, and is accepted
by the holders at least a majority of the outstanding shares.




         The other provisions of the Shareholder Rights Plan are consistent with
those in similar plans adopted by many other public companies and which economic
studies have shown produce higher takeover premiums for the benefit of all
shareholders. The Rights issued under the Shareholder Rights Plan will be
exercisable only if an acquiring person, together that person's affiliates,
associates and any group of which that person is a member (collectively, an
"Interested Stockholder") acquires, or announces a tender offer for, 15% or more
of Rawlings common stock. Each Right will initially entitle holders, other than
the Interested Stockholder, to purchase one one-thousandth of a new series of
preferred stock at an exercise price of $30. Once the Interested Stockholder has
acquired beneficial ownership in excess of the applicable ownership threshold
referenced above, each Right will entitle holders, other than the Interested
Stockholder, to purchase, at the Right's then-current exercise price, a number
of shares of Rawlings common stock having a market value of twice the Right's
exercise price. At any time within ten business days after a person becomes an
Interested Stockholder, the Rights will be redeemable for one cent per Right at
the option of the Board of Directors.

         The Shareholder Rights Plan also includes a "share exchange" feature
which provides the Board with additional flexibility in responding to a hostile
takeover attempt when the Rights become exercisable. The Board will thus have
the option of exchanging, in whole or in part, each Right of each holder, other
than the Interested Stockholder, for one share of Rawlings common stock. This
provision is intended to avoid the expense of requiring Right's holders to
exercise their Rights and alleviate the uncertainty as to whether holders will
exercise their rights. The dilution to the Interested Stockholder caused by
implementation of the share exchange feature would be substantial, but not as
extensive as the dilution that would potentially occur if all holders were to
exercise the Rights after they become exercisable.

         In addition, if after the Rights become exercisable, the Company is
acquired in a merger or other business combination transaction, or sells 50% or
more of its assets or earning power, to or with an Interested Stockholder in a
transaction in which all stockholders are not treated alike, each Right will
entitle its holder to purchase, at the Right's then-current exercise price, a
number of shares of the acquiring company's common stock having a market value
at the time of twice the Right's exercise price.

         The Rights will be issued on December 9, 2002 to the stockholders of
record as of that date and will expire in ten years, unless earlier redeemed or
exchanged by Rawlings.

         This press release contains forward-looking statements that involve
risks and uncertainties such as the results of discussion with potential
acquirors, Rawlings' plans to achieve certain cost savings and increases in
earnings as well as the anticipated benefits and expected consequences of the
Shareholder Rights Plan. There can be no assurance that any transaction will be
consummated with any potential acquiror. Rawlings undertakes no obligation to
make any further announcement regarding its consideration of strategic
alternatives until a final agreement has been signed or a decision not to
proceed with strategic alternatives is made. It is important to note that actual
results could differ materially from those expressed in such forward-looking
statements. Factors that could cause or contribute to such differences include,
but are not limited to, a general



economic slowdown, a major league baseball strike or lockout, lower retail sale
rates for Rawlings' products, changes in Rawlings' financial position, a
dramatic increase in the price of certain raw materials such as leather and
changes in the competitive environment. Other risks and uncertainties are
detailed from time to time in Rawlings' securities filings with the Securities
and Exchange Commission, including Rawlings' report on Form 10-K filed for the
year ended August 31, 2001. Any forward-looking statements speak only as of the
date hereof and Rawlings disclaims any intent or obligation to update such
statements.