<TABLE>
                                                                       AJAY SPORTS, INC
                                                                          BALANCE SHEET
                                                                            PRO FORMA

<CAPTION>
<S>                                <C>                   <C>              <C>         <C>           <C>              <C>
                                                                                                                            After
                                   As of 5/31/99   Deferred Tax Adj             PGA          SOTA            PGI        Acquisition
                 ASSETS

CASH                                    34,703                               95,000       35,700       1,122,000          1,287,403
MARKETABLE SECURITIES                  418,126                                                                              418,126
ACCTS RECEIVABLE                     4,006,832                              210,000      438,000                          4,654,832
RESERVE FOR BAD DEBTS                 (161,944)                                                                            (161,944)
ACCTS RECEIVABLE - NET               3,844,888                    0         210,000      438,000               0          4,492,888

INVENTORIES                          5,230,449                                            16,000                          5,246,449
PREPAID EXPENSES                       451,551                               57,900                      288,000            797,451
DEFERRED TAX BENEFITS                  362,807                                                                              362,807
DUE FROM AFFILIATES
INVESTMENT IN SUB
TOTAL CURRENT ASSETS                10,342,524                    0         362,900      489,700       1,410,000         12,605,124

DEFERRED TAX BENEFITS                  756,000            4,013,000                                                       4,769,000
INVESTMENTS                                                                                                                       0
OTHER ASSETS                           140,064                               28,000      650,000       9,959,000         10,777,064
FIXED ASSETS                         1,681,059                               95,900       10,500                          1,787,459
GOODWILL                             1,602,843                                                                            1,602,843

TOTAL ASSETS                        14,522,490            4,013,000         486,800    1,150,200      11,369,000         31,541,490

           LIABILITIES & EQUITY

ACCOUNTS PAYABLE                     2,416,573                               35,000      500,200         100,000          3,051,773
ACCOUNTS PAYABLE ACCRUED               483,390                                                                              483,390
NOTE PAYABLE - M&E                      75,000                                                                               75,000
NOTE PAYABLE - US BANK                 120,000                                                                              120,000
NOTE PAYABLE - COMERICA                                                                  650,000       7,850,000          8,500,000
DUE TO AFFILIATES                                                                                          9,000              9,000
CURRENT PORTION OF CAPITAL LEASE         3,535                                                                                3,535

TOTAL CURRENT LIABILITIES            3,098,498                    0          35,000    1,150,200       7,959,000         12,242,698

CAPITAL LEASE OBLIGATION                62,484                                                                               62,484
NOTES PAYABLE                          187,977                                                                              187,977
NOTES PAYABLE - US BANK              1,814,538                                                                            1,814,538
NOTES PAYABLE - WILLIAMS #3          1,587,462                                                                            1,587,462
NOTES PAYABLE - REVOLVER             5,439,505                                                                            5,439,505
NOTES PAYABLE - M & E                  381,250                                                                              381,250
LONG TERM SUB-DEBT                                                                                     2,010,000          2,010,000
MINORITY INTEREST                                                                                      1,400,000          1,400,000
TOTAL LIABILITIES                   12,571,714                    0          35,000    1,150,200      11,369,000         25,125,914

PREFERRED STOCK                      3,951,700                                                                            3,951,700
CAPITAL STOCK                           39,790                                                                               39,790
PAID IN CAPITAL                     14,765,867                                                                           14,765,867
RETAINED EARNINGS                   (3,499,665)           4,013,000         451,800                                         965,135
EQUITY IN EARNINGS OF SUB          (13,346,792)                                                                         (13,346,792)
UNREALIZED GAIN(LOSS) ON SECURITIES     39,876                                                                               39,876

TOTAL EQUITY                         1,950,776            4,013,000         451,800            0                0         6,415,576

TOTAL LIABILITIES & EQUITY          14,522,490            4,013,000         486,800    1,150,200      11,369,000         31,541,490

</TABLE>