EXHIBIT 10.2
                                 PROMISSORY NOTE
                                (Revolving Loan)

                                                           Indianapolis, Indiana
                                                             Dated: May 17, 2007
$30,000,000.00                                      Final Maturity: May 31, 2012


         On or before May 31, 2012 ("Final Maturity"), ESCALADE, INCORPORATED,
an Indiana corporation (the "Maker"), promises to pay to the order of JPMORGAN
CHASE BANK, N.A., a national banking association which is the successor by
merger to BANK ONE, NA (the "Bank") at the principal office of the Bank at
Indianapolis, Indiana, the principal sum of Thirty Million and No/100 Dollars
($30,000,000.00) or so much of the principal amount of the Loan represented by
this Note as may be disbursed by the Bank under the terms of the Credit
Agreement described below, and to pay interest on the unpaid principal balance
outstanding from time to time as provided in this Note.

         This Note evidences indebtedness (the "Loan") incurred or to be
incurred by the Maker under a revolving line of credit extended to the Maker by
the Bank under an Amended and Restated Credit Agreement (the "Credit Agreement")
dated as of October 24, 2001, as amended from time to time. All references in
this Note to the Credit Agreement shall be construed as references to that
Agreement as it may be amended from time to time. The Loan is referred to in the
Credit Agreement as the "Revolving Loan". Subject to the terms and conditions of
the Credit Agreement, the proceeds of the Loan may be advanced and repaid and
re-advanced until Final Maturity. The principal amount of the Loan outstanding
from time to time shall be determined by reference to the books and records of
the Bank on which all Advances under the Loan and all payments by the Maker on
account of the Loan shall be recorded. Such books and records shall be deemed
prima facie to be correct as to such matters.

         The terms "Advance" and "Banking Day" are used in this Note as defined
in the Credit Agreement.

         Interest on the unpaid principal balance of the Loan outstanding from
time to time prior to and after maturity will accrue at the rate or rates
provided in the Credit Agreement. Prior to maturity, accrued interest shall be
due and payable on the last Banking Day of each month commencing on the last
Banking Day of the month in which this Note is executed. After maturity,
interest shall be due and payable as accrued and without demand. Interest will
be calculated on the basis that an entire year's interest is earned in 360 days.

         The entire outstanding principal balance of this Note shall be due and
payable, together with accrued interest, at Final Maturity.

         If any installment of interest due under the terms of this Note is not
paid when due, then the Bank or any subsequent holder of this Note may, subject
to the terms of the Credit Agreement, at its option and without notice, declare
the entire principal amount of the Note and all accrued interest immediately due
and payable. Reference is made to the Credit Agreement which provides for
acceleration of the maturity of this Note upon the happening of other "Events of
Default" as defined therein.

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         If any installment of interest due under the terms of this Note prior
to maturity is not paid in full when due, then the Bank at its option and
without prior notice to the Maker, may assess a late payment fee in an amount
equal to the greater of $50.00 or five percent (5%) of the amount past due. Each
late payment fee assessed shall be due and payable on the earlier of the next
regularly scheduled interest payment date or the maturity of this Note. Waiver
by the Bank of any late payment fee assessed, or the failure of the Bank in any
instance to assess a late payment fee shall not be construed as a waiver by the
Bank of its right to assess late payment fees thereafter.

         All payments on account of this Note shall be applied first to expenses
of collection, next to any late payment fees which are due and payable, next to
interest which is due and payable, and only after satisfaction of all such
expenses, fees and interest, to principal.

         The Maker and any endorsers severally waive demand, presentment for
payment and notice of nonpayment of this Note, and each of them consents to any
renewals or extensions of the time of payment of this Note without notice.

         All amounts payable under the terms of this Note shall be payable with
expenses of collection, including attorneys' fees, and without relief from
valuation and appraisement laws.

         This Note is given in replacement, renewal and/or extension of, but not
extinguishing the indebtedness evidenced by, that Promissory Note dated as of
June 27, 2005, executed by Maker in the original principal amount of
$31,000,000, and is not a novation thereof. All interest evidenced by the Note
being replaced, renewed, and/or extended by this instrument shall continue to be
due and payable until paid.

         This Note is made under and will be governed in all cases by the
substantive laws of the State of Indiana, notwithstanding the fact that Indiana
conflicts of law rules might otherwise require the substantive rules of law of
another jurisdiction to apply.


ESCALADE, INCORPORATED


By: /s/  TERRY FRANDSEN
    -------------------------------
Printed: Terry Frandsen
         --------------------------
Title:   VP Finance & CFO
         --------------------------

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