EXHIBIT 10.3


                        LESSOR'S STATEMENT OF TERMINATION


         THIS LESSOR'S STATEMENT OF TERMINATION is executed and delivered this
__ day of October, 1996 by HARRIS TRUST AND SAVINGS BANK, not in its individual
capacity but solely as Owner Trustee ("Lessor"), in favor of THE SPORTS
AUTHORITY, INC., a Delaware corporation ("TSA"), THE SPORTS AUTHORITY FLORIDA,
INC. , a Florida corporation ("TSA Florida"), and THE SPORTS AUTHORITY MICHIGAN,
INC., a Michigan corporation ("TSA Michigan"). TSA, TSA Florida and TSA Michigan
are collectively referred to herein as "Lessee".

                                    RECITALS:

         A. On July 11, 1995, Lessor and Lessee entered into that certain Master
Lease and Open End Mortgage ( the "Master Lease") and that certain Construction
Agency Agreement.

         B. TSA, as assignor, executed and delivered to the Lessor for the
benefit of the Lessor that certain Construction Documents Assignment (the
"Construction Documents Assignment") dated as of July 11, 1995. Lessor executed
and delivered to Bank of Montreal, as agent for the Tranche A Lenders, and BNY
Leasing Corporation and FBTC Leasing Corp., as the Tranche B Lenders, for their
benefit, an Assignment of Leases and Rents (the "Assignment of Leases") dated as
of July 11, 1995.

         C. TSA, as Lessee, the Owner Trustee, the Owner Participants, and the
Lenders executed and delivered that certain Participation Agreement (the
"Participation Agreement") dated as of July 11, 1995.

         D. On June 12, 1996, the Lessor and TSA executed and delivered that
certain First Amendment to Master Lease, Construction Agency Agreement, and
Construction Documents Assignment. On June 12, 1996, TSA, as Lessee, the Owner
Trustee, the Owner Participants, and the Lenders executed and delivered that
certain First Amendment to Participation Agreement. TSA Florida and TSA Michigan
executed and delivered to Lessor on June 12, 1996 Subsidiary Lessee Adoption
Agreements for the purpose of becoming Lessees under the Master Lease and the
Operative Documents.

         E. On September 24, 1996, Lessee delivered to Lessor a Purchase Notice
in accordance with the terms of Section 18.1(a) of the Master Lease stating
Lessee's intent to purchase all of the Properties and to terminate the Master
Lease, Participation Agreement and the other Operative Documents.


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         F. This Lessor's Statement of Termination is intended to serve as the
Lessor's statement of termination described in Section 21(a)(iii) of the Master
Lease.

         NOW, THEREFORE, the Lessor hereby agrees as follows:

         1. CAPITALIZED TERMS. All capitalized terms used herein shall have the
same meanings as used in Appendix A of the Participation Agreement, unless
otherwise defined in this Statement of Termination.

         2. STATEMENT OF TERMINATION. Lessor acknowledges and agrees that upon
the Lessee's satisfaction of the conditions precedent in Section 18.1(a) of the
Master Lease, Lessor shall comply with its obligations under Section 21.1 (a) of
the Master Lease and the Operative Documents with respect to termination of the
Operative documents and reconveyance of the Properties to Lessee and Lessee
shall have no further obligations to Lessor or the Lenders under the Master
Lease, Participation Agreement or the other Operative Documents except to the
extent that under the terms of such Operative Documents the obligations of
Lessor, Lessee or the Lenders is to continue beyond Lessee's payment in full of
the Lease Balance.

         3. FURTHER ASSURANCES. Lessor agrees to execute all documents,
certificates and affidavits reasonably requested by Lessee's title insurance
company or Lessee in order to effectuate the transfer of title in the Properties
to Lessee and cause Lessee's title insurance company to issue a commitment to
insure Lessee's title in the Properties.

         IN WITNESS WHEREOF, THE LESSEE HAS EXECUTED AND DELIVERED THIS
STATEMENT OF TERMINATION ON THE DATE FIRST SET FORTH ABOVE.

                                       HARRIS TRUST AND SAVINGS BANK, not in its
                                       individual capacity but as Owner Trustee

                                          /s/ KEITH RICHARDSON   
                                          --------------------------------------
                                          Name:  Keith Richardson
                                                 -------------------------------
                                          Title:
                                                 -------------------------------

ACKNOWLEDGED AND AGREED TO BY:

THE SPORTS AUTHORITY, INC.

By: /s/ JACK SMITH
    -------------------------
Name: Jack Smith
     ------------------------
Title:  Chairman and CEO
       ----------------------


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THE SPORTS AUTHORITY MICHIGAN, INC.

By: /s/ JACK SMITH
    -------------------------
Name: Jack Smith
     ------------------------
Title:  President
       ----------------------


THE SPORTS AUTHORITY FLORIDA, INC.

By: /s/ JACK SMITH
    -------------------------
Name: Jack Smith
     ------------------------
Title:  President
       ----------------------