<PAGE>   1




                                                                   EXHIBIT 10(K)


                               TENTH AMENDMENT TO
                        FINANCING AND SECURITY AGREEMENT


THIS TENTH AMENDMENT TO FINANCING AND SECURITY AGREEMENT, dated as of June 21,
2000, is by and among FIRST UNION COMMERCIAL CORPORATION ("Lender"), ELLETT
BROTHERS, INC. ("Ellett"), LEISURE SPORTS MARKETING, INC. ("Leisure"), EVANS
SPORTS, INC., ('Evans"), SAFESPORT MANUFACTURING Company ("Safesport"), VINTAGE
EDITIONS, INC. ("Vintage") and ARCHERY CENTER INTERNATIONAL, INC. ("Archery")
(hereinafter Ellett, Leisure, Evans, Safesport, Vintage and Archery may be
referred to collectively as the "Borrower").

                                     RECITAL

A.       The Lender and the Borrower have entered into that certain Financing
and Security Agreement, dated June 10, 1994, as amended (the "Financing
Agreement").

B.       The Borrower and the Lender have agreed to amend the Financing
Agreement as set forth herein.

NOW, THEREFORE, the parties hereto agree as follows:

         1.       The first paragraph of Section 1(a) is amended in its entirety
so that such paragraph now reads as follows:

                           Lender agrees to make loans (the "Loans") to Borrower
                  from time to time up to the sum of the following amounts
                  (hereinafter such sum shall be referred to as the "Borrowing
                  Base"):

                                    (A) an amount equal to 85% of the
                           outstanding amount of "Eligible Trade Receivables" of
                           Ellett; plus

                                    (B) an amount equal to 85% of "Eligible
                           Dated Trade Receivables" of Ellett; provided,
                           however, the foregoing amount specified in this
                           subsection (B) shall not exceed 50% of the
                           Receivables of Ellett; plus

                                    (C) an amount equal to the sum of 70% of
                           "Eligible Hunting and Shooting Sports Finished Goods
                           Inventory" of Ellett plus 50% of "Eligible Marine
                           Finished Goods Inventory" of Ellett plus an amount
                           equal to 50% of the "Eligible Subsidiary Inventory";
                           provided, however, such sum specified in this
                           subsection (C) shall not exceed $25,000,000.00 at any
                           time outstanding (or $30,000,000.00 at any time
                           outstanding during the 90-day period commencing on
                           June 16, 2000); plus

                                    (D) an amount equal to 80% of the "Eligible
                           Subsidiary Receivables";


                                       1
<PAGE>   2

                           provided, however, the outstanding principal amount
                           of the Loans, plus the aggregate stated amount of
                           outstanding Drafts (as defined below) plus the Letter
                           of Credit Obligations (as defined below) shall not
                           exceed $40,000,000.00 at any time outstanding (or
                           $45,000,000.00 at any time outstanding during the
                           90-day period commencing on June 16, 2000); provided
                           further, each Loan which bears interest at the Three
                           Month LIBOR Rate plus the Applicable Margin shall be
                           in a minimum amount of $1,000,000.00 and in multiples
                           of $1,000,000.00 in excess thereof.

         2.       This Tenth Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an
original, and it shall not be necessary in making proof of this Tenth Amendment
to produce or account for more than one counterpart.

         3.       THIS TENTH AMENDMENT AND THE OTHER DOCUMENTS AND AGREEMENTS
EXECUTED IN CONNECTION HEREWITH (UNLESS SPECIFICALLY STIPULATED TO THE CONTRARY
IN SUCH DOCUMENT OR AGREEMENT), AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER AND THEREUNDER, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NORTH CAROLINA WITHOUT REGARD TO
CONFLICTS OF LAWS PRINCIPLES.


                                       2
<PAGE>   3



 IN WITNESS WHEREOF, the parties hereto have caused this Tenth Amendment to be
executed by their duly authorized corporate officers as of the day and year
first above written.

                                           ELLETT BROTHERS, INC.

                                           By:   /s/George S. Loney         CFO
                                               --------------------------------
                                                  (Title)

                                           EVANS SPORTS, INC., a South
                                           Carolina corporation

                                           By:   /s/George S. Loney         CFO
                                               --------------------------------
                                                  (Title)

                                           LEISURE SPORTS MARKETING, INC., a
                                           South Carolina corporation

                                           By:   /s/George S. Loney         CFO
                                               --------------------------------
                                                  (Title)

                                           SAFESPORT MANUFACTURING COMPANY, a
                                           South Carolina corporation

                                           By:   /s/George S. Loney         CFO
                                               --------------------------------
                                                  (Title)

                                           VINTAGE EDITIONS, INC., a
                                           South Carolina corporation

                                           By:   /s/George S. Loney         CFO
                                               --------------------------------
                                                  (Title)

                                           ARCHERY CENTER INTERNATIONAL, INC.,

                                           By:   /s/ George S. Loney        CFO
                                               ---------------------------------
                                                  (Title)

                                           FIRST UNION COMMERCIAL CORPORATION

                                           By: /s/
                                               ---------------------------------
                                                  Associate              (Title)


                                       3