EXHIBIT 10.1 (e)



March 8, 1999

Mr. Chuck Yahn
AJAY LEISURE PRODUCTS, INC.
1501 East Wisconsin Street
Delavan, WI 53115

Reference: Spalding U.S. License Expiration

Dear Chuck:

This letter will  confirm that the license  agreement  made and entered into the
14th day of April 1992 by and between  Spalding & Evenflo  Companies,  Inc.  now
known as Spalding Sports Worldwide, Inc. ("Spalding") and Ajay Leisure Products,
Inc.  ("Company")  and as amended on April 2, 1993, May 11, 1993,  July 1, 1994,
May 9, 1995, June 5, 1995,  February 1, 1996 and November 25, 1997 (The "License
Agreement")  has expired at the request of Ajay and by mutual  agreement  as per
the following:

Pursuant  to  the  relative  terms  of  the  license  agreement,  the  following
obligations will remain in effect:

1.    Company will have the exclusive  right to sell Spalding  branded carts and
      golf bags through June 30, 1999. Company will have the non exclusive right
      to sell Spalding branded carts and golf bags until June 30, 2000.

2.     Company will have the  exclusive  right to sell  Spalding  branded golf
      gloves and listed  accessories  through December 31, 1999.  Company will
      have non exclusive  rights to sell until June 30, 2000.  Spalding agrees
      not to ship golf gloves  under the  Top-Flite  trademark to Wal-Mart and
      Target stores until after  3/1/2000.  Spalding  further  agrees to allow
      Company  to  sell  and  ship  Articles   immediately   under  trademarks
      competitive  to  Spalding  owned  trademarks;  and to not ship  Spalding
      branded  Articles to customers  during the  exclusive  period.  The only
      exception to these dates is as follows:

      Company  will have the  exclusive  right to sell  Spalding  branded golf
gloves to Target and
      Wal-Mart  until   September  30,  2000.   Company  shall  have  the  non
exclusive right to sell
      this product to these customers through March 31, 2001.

3.    Company  will  provide  Spalding  with a list  of all  Spalding  inventory
      (finished and in process) at the time the Articles became non-exclusive as
      stated  in  points 1 and 2 above as well as  their  plan for  disposition.
      Subsequently,  Company will supply monthly  inventories by category by the
      fifth working day of the month during sell off period.


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4.     All payments  already made to Spalding in calendar  1998 shall  satisfy
      all payment obligations to Spalding for calendar 1998.

5.    For calendar 1999,  Company will pay Spalding  $240,000  which  represents
      Ajay's  obligation  for all royalties and fees due Spalding  regardless of
      actual  sales  during  calendar  1999.  Payment  will be made in 18  equal
      monthly payments of $13,333.33 beginning January 31, 1999 through June 30,
      2000.

6.    Company will pay Spalding a 2% royalty on net sales for all Articles  sold
      to all customers  during the sell off period  January 1, 2000 to March 31,
      2001.  Based on this agreement,  sales reporting and payments of royalties
      must be made on the 25th day of the month following such sale.

7.     Spalding  waives the 1% Corporate  marketing fee  effective  January 1,
      1999.

8.    Company will be responsible  for all returns and/or claims by consumers or
      vendors  covering  the Articles  manufactured  by Company.  Spalding  will
      forward any such  matters  received  by Spalding to Company for  immediate
      disposition by Company.

9.    Company will maintain  comprehensive  general liability insurance for five
      years with coverage of $2,000,000.  The policy will designate  Spalding as
      an additional  insured and proof of this coverage must be sent to Spalding
      each year confirming such coverage until March 31, 2006.

10.   Company will refrain from using  "Spalding" in any of its corporate names,
      divisions or entities and will promptly remove the Spalding trademark from
      any  letterheads,  business cards,  invoices,  buildings,  signage and any
      corporate  identification  effective January 1, 2000 except for Target and
      Wal-Mart golf glove business which shall be September 30, 2000.

11.   Company will be subject to a final audit by a Spalding  representative  to
      confirm the amount of royalties  paid from the last audit through the sell
      off period in regard to this Agreement.

12.   The parties  agree to issue the attached  press  release to financial  and
      sports industry channels before 3/8/99;  and to not discuss this Agreement
      with customers before it is released.

13.   Company  acknowledges  that Spalding may be entering into  agreements with
      other licensees to take effect as and when the exclusive  rights described
      in items 1 and 2 above  expire,  and Company does not object to Spalding's
      doing  so.  Spalding  warrants  that it or a new  licensee  will  not ship
      Spalding branded Articles to customers during the exclusive periods.

Except for those  provisions of the License  Agreement that address the parties'
respective  rights  concerning the  obligations  described in items 1 through 13
above,  the License  Agreement has expired,  and the parties  hereby release one
another from any further liability in connection therewith.

Company  will  withdraw  the action  titled  Ajay  Leisure  Products,  Inc. v.
Spalding & Evenflo  Companies,  Inc.,  pending  before the  Circuit  Court for
Walworth County, Wisconsin bearing Case No. 98 CV 00 168, with prejudice.


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I am enclosing two copies of this letter agreement, and I would like you to sign
both copies as an officer of Company to acknowledge your acceptance of the above
terms and  conditions.  After signing,  retain one copy for your file and return
the second copy to my attention.


Very truly yours,                   AGREED TO AND ACCEPTED BY:

                                    AJAY LEISURE PRODUCTS, INC.
\S\WILLIAM C. MULDOON
------------------------
Licensing Controller
                                    By:   \s\Clarence H. Yahn
                                          ---------------------
                                    Title:  President
                                          ---------------------
                                    Date: March 8, 1999
                                          ---------------------

cc: Ralph Carlson