<PAGE>   1
                                                                 EXHIBIT 10.23.1

                  FIRST AMENDMENT TO STANDARD INDUSTRIAL LEASE


          THIS FIRST AMENDMENT, dated September 12, 1996, amends the Lease
between Injans Investments, "LESSOR," and Sport Supply Group, Inc., "LESSEE,"
as follows:

                              W I T N E S S E T H

          WHEREAS, on the 2nd day of December, 1991, the parties hereto entered
into a Lease for a term of five (5) years commencing January 1, 1992 and
terminating December 31, 1996 (the "Lease");

                      The Premises covered by said Lease being as
                      follows:
                      
                      That certain 46,080 square foot building known as
                      12640 Moore Street, Cerritos, California.
                      
          WHEREAS, the parties desire to continue the said Lease on the terms
hereinafter stated.

          NOW, THEREFORE, in consideration of the mutual covenants herein and
in the said Lease contained, it is hereby mutually agreed that:

1.        The term of said Lease shall be extended for sixty (60) months
          commencing January 1, 1997, and expiring December 31, 2001.

2.        The rent shall be $16,358.00 per month, industrial gross ($.355 per
          square foot, per month).

3.        Lessor grants to Lessee the right to early cancellation of the Lease
          under the following conditions:

          A.       Lessee shall give Lessor written notice of its intent to
                   cancel, not less than sixty (60) days prior to the Lease
                   cancellation date.

          B.       Lessee shall pay to Lessor a cancellation fee as follows in
                   lieu of any other remedy for Lessee terminating the Lease
                   early:

                   1.        If the Lease is terminated in 1997 (first year),
                             the cancellation fee is $196,296.00, equivalent to
                             twelve (12) months rent.

                   2.        If the Lease is terminated in 1998 (second year),
                             the cancellation fee is $163,580.00, equivalent to
                             ten (10) months rent.

                   3.        If the Lease is terminated in 1999 (third year),
                             the cancellation fee is $98,148.00, equivalent to
                             six (6) months rent.

                   4.        If the Lease is terminated in 2000 (fourth year),
                             the cancellation fee is $98,148.00, equivalent to
                             six (6) months rent.

                   5.        If the Lease is terminated in 2001 (fifth year),
                             the cancellation fee is $98,148.00, equivalent to
                             six (6) months rent.

4.       Each party agrees that the Lease, as amended to date, is in full force
         and effect and that such party is not aware of any defaults that
         exist on the part of the other party with respect to the Lease.  As
<PAGE>   2
amended hereby, the Lease, as amended to date, remains in full force and
effect.  Each party represents and warrants that it is authorized to execute
this Amendment.  In the event of any conflict or inconsistency between the
Lease, as amended to date (or any rule or regulation of the building now in
effect or in effect at any time in the future), on the one hand and this
Amendment, on the other hand, the terms of this Amendment shall, in all events,
prevail.

         IN WITNESS WHEREOF, the parties hereto have executed these presents
the day and year first above written.

LESSOR:                                       LESSEE:
                                         
INJANS INVESTMENTS                            SPORT SUPPLY GROUP, INC.
                                         
                                         
                                         
By: /s/ J.O. Oltmans, II                      By: /s/ Michael J. Blumenfeld    
    ------------------------                      ----------------------------
    J.O. Oltmans, II                              Michael J. Blumenfeld
    Managing General Partner                      CEO/Chairman of the Board
                                         
                                         
                                         
Date:  September 13, 1996                     Date:  September 18, 1996       
       ---------------------                         -------------------------
                                         



                                      2