<PAGE>   1
                                                                   Exhibit 10.21

            NINTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

          ESCALADE, INCORPORATED, an Indiana corporation (the "Company"), and
BANK ONE, INDIANA, National Association, a national banking association (the
"Bank") being parties to that certain Amended and Restated Credit Agreement
dated as of May 31, 1996 as amended from time to time through the date hereof
(collectively the "Agreement"), hereby agree to amend the Agreement by this
Ninth Amendment to Amended and Restated Credit Agreement (the "Ninth
Amendment"), on the terms and subject to the conditions set forth as follows:

1.       DEFINITIONS

         a. Terms used in this Ninth Amendment with their initial letter
         capitalized which are not defined herein shall have the meanings
         ascribed to them in the Agreement.

         b. The following definitions set forth in Section 1 of the Agreement
         are hereby amended and restated in their entirety to read as follows:

o        "Applicable Rate" means that number of percentage points to be taken
         into account in determining the Applicable Spread which is used in
         computing the rate at which interest accrues on the Loans, the
         Applicable Unused Fee Rate which is used in calculating the Unused Fee,
         the Applicable Commission Rate which is used in calculating the amount
         of Commission which is payable with respect to Standby Letters of
         Credit, and the Applicable Issuance Fee Rate which is used in
         calculating the amount of Issuance Fees payable with respect to
         Commercial Letters of Credit. Initially, from the date of the Ninth
         Amendment and until receipt by the Bank of the Company's first fiscal
         quarter end financial statements furnished after such date to the Bank
         pursuant to the requirements of Section 5.b(ii), the Applicable Rate
         shall be determined by reference to the Company's Leverage Ratio in
         accordance with the following table:

                                 Applicable Rate
<TABLE>
<CAPTION>
                       Applicable Spread*
                       -------------------------------        Applicable   Applicable        Applicable
                       Prime-based         LIBOR-based        Unused Fee   Commission        Issuance
Leverage Ratio         Rate                Rate               Rate         Rate              Fee Rate
--------------         -----------------   ------------------------------------------------------------
<S>                    <C>                 <C>                <C>          <C>               <C>
greater than or
equal to               0.00% RL            1.75% RL           .375%        1.375%            .625%
2.50:1.00              0.00% TL            2.00% TL
-------------------------------------------------------------------------------------------------------
less than or
equal to
2.49:1.00, but
greater than or
equal to               0.00% RL            1.50% RL           .25%         1.25%             .50%
2.00:1.00              0.00% TL            1.75% TL
-------------------------------------------------------------------------------------------------------
less than or
equal to
1.99:1.00, but
greater than or
equal to               0.00% RL            1.25% RL           .25%         1.125%            .375%
1.50:1.00              0.00% TL            1.50% TL
-------------------------------------------------------------------------------------------------------
less than 1.50:1.00    0.00% RL            1.00% RL           .25%         1.00%             .25%
                       0.00% TL            1.25% TL
-------------------------------------------------------------------------------------------------------
</TABLE>
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         * Where "RL" means Revolving Loan and "TL" means Term Loan.

         Such determination and resulting rate change will be effective as of
         the first day of the month following the receipt of the financial
         statements.

         Thereafter, the Applicable Rate shall be determined on the basis of the
         financial statements of the Company for each fiscal quarter end
         furnished to the Bank pursuant to the requirements of Section 5.b(ii),
         and shall be effective as of the first day of the month following the
         receipt of the financial statements. Commissions and Issuance Fees with
         respect to Letters of Credit shall be determined from the Applicable
         Rate in effect when the related Letter of Credit is issued or renewed,
         and will thereafter adjust quarterly after receipt of the financial
         statements and determination of the Applicable Rate. It is noted that
         the above table provides an Applicable Rate for a Leverage Ratio
         greater than that which will be permissible under the terms of Section
         5.g(ii). For the avoidance of doubt, it is agreed that it is the intent
         of the parties that the Bank shall be free to exercise all remedies
         otherwise provided for in this Agreement in the event of the violation
         by the Company of the covenant stated in Section 5.g(ii),
         notwithstanding the accrual of interest upon the Loan at a rate
         determined in accordance with this definition.

2.       TERM LOAN.  Section 2.c. of the Agreement is hereby amended and
restated in its entirety, to read as follows:

         c. The Term Loan. The Bank will make a term loan (the "Term Loan") to
         the Company contemporaneously with the execution of this Agreement on
         the following terms and subject to the following conditions:

                  (i) Amount. The principal amount of the Term Loan shall be
                  Twenty Million Five Hundred Thousand and No/100 Dollars
                  ($20,500,000) or so much thereof as shall be advanced for the
                  purposes set forth herein.

                  (ii) The Term Note. The obligation of the Company to repay the
                  Term Loan shall be evidenced by a promissory note (the "Term
                  Note") in the form of Exhibit A. The principal of the Term
                  Loan shall be repayable in equal annual installments of
                  $4,100,000 each, due and payable on the last day of each
                  March, commencing March 31, 2001, provided that if the full
                  amount set forth above is not advanced at closing, the annual
                  installments shall be reduced proportionately. On March 31,
                  2005, the entire remaining principal amount of the Term Loan
                  shall be due and payable, together with all accrued and unpaid
                  interest. Subject to the contemporaneous payment of any
                  Prepayment Premium which would become due on account of any
                  proposed prepayment, the principal of the Term Loan may be
                  prepaid at any time in whole or in part, provided that any
                  partial prepayment shall be in an amount which is an integral
                  multiple of $250,000.00. Further, any partial prepayment up to
                  the amount of the next scheduled principal installment, shall
                  be applied to that installment but prepayments in excess of
                  the next scheduled installment shall be applied to the
                  principal installments payable on the Term Loan in the inverse
                  order of their maturities.

                  (iii) Interest on the Term Loan. The unpaid principal balance
                  from time to time of the Term Loan shall bear interest from
                  the date the Loan is made prior to the maturity of the Term
                  Note at a rate per annum equal to the Prime Rate plus the
                  Applicable Spread, except that at the option of the Company
                  exercised from time to time as provided in
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                  Section 2.d(i) of the Agreement, interest may accrue prior to
                  maturity on the entire outstanding balance of the Term Loan or
                  on any portion thereof which is in excess of $1,000,000.00 and
                  as to which no Optional Rate previously selected remains in
                  effect at a LIBOR-based Rate for a period of 30, 60, 90 or 180
                  days; provided that no Optional Rate may be elected for a
                  period extending beyond the scheduled final maturity of the
                  Term Loan. Those elections of a "LIBOR-based Rate" which have
                  been made under the "Term Loan" as outstanding prior to the
                  Ninth Amendment and which remain in effect on the date of the
                  Ninth Amendment, shall continue, under this Agreement, to be
                  in effect through the end of the interest period for which
                  elected. After maturity, whether scheduled maturity or
                  maturity by virtue of acceleration on account of the
                  occurrence of an Event of Default, interest will accrue on the
                  Term Loan at a rate per annum equal to the Prime Rate plus the
                  Applicable Spread plus two percent (2%), except that as to any
                  portion of the Loan for which the Company may have elected an
                  Optional Rate for a period of time that has not expired at
                  maturity, such portion shall, during the remainder of such
                  period, bear interest at the greater of the Prime Rate plus
                  the Applicable Spread plus two percent (2%) per annum or the
                  Optional Rate then in effect plus two percent (2%) per annum.
                  Prior to maturity, interest shall be due and payable on the
                  last Banking Day of each month in addition to any installment
                  of principal which may be due and payable on such date. After
                  maturity, interest shall be payable as accrued and without
                  demand.

                  (iv) Use of Proceeds of the Term Loan; Reduction of Principal
                  Amount. The proceeds of the Term Loan shall be used to finance
                  the repurchase of stock by the Company from existing
                  shareholders in a tender offer filed with and in compliance
                  with the applicable regulations of the Securities and Exchange
                  Commission, through open-market purchases and to repurchase
                  outstanding warrants for stock in an aggregate amount not to
                  exceed Thirteen Million Five Hundred Thousand and No/100
                  Dollars ($13,500,000) on or prior to March 31, 2000 and to
                  refinance the Company's existing Term Loan in the amount of
                  Seven Million and No/100 Dollars ($7,000,000.00). On or before
                  March 31, 2000, the Company shall deliver to the Bank a
                  Certificate of an Authorized Officer certifying that the
                  Company has used $13,500,000 of the Term Loan proceeds, or
                  such lesser amount as actually used, to repurchase the common
                  stock of the Company through the tender offer, open-market
                  purchases or through the purchase of warrants. In the event
                  that the Company has not fully utilized the $13,500,000 for
                  such purpose by March 31, 2000, the remaining unused proceeds
                  of the Term Loan, to the extent advanced, shall be immediately
                  repaid by the Company as a prepayment of the Term Loan and
                  shall be applied against the latest maturing installment of
                  principal; and if not previously advanced, shall be cancelled,
                  and in either event the annual principal payments shall be
                  adjusted proportionately to reflect the actual principal
                  amount outstanding.

                  (v) Commitment Fee. In consideration of the Bank's agreement
                  to advance new funds to the Company and refinance the balance
                  of the Company's existing term loan, the Company shall pay a
                  Commitment Fee equal to 1/4% of the amount of the increase in
                  the Term Loan with the fee not to exceed $33,750.00, which
                  shall be due and payable at Closing.

3.       AFFIRMATIVE COVENANTS.  Sections 5.g(i), (ii) and (iii) of the
Agreement are hereby amended to read in their entirety as follows:

                  (i) Tangible Net Worth. The Company shall maintain its
                  Tangible Net Worth,
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                  determined on a consolidated basis, of not less than an amount
                  equal to 95% of the Company's consolidated Tangible Net Worth
                  as of the date of funding of the tender offer (after giving
                  effect to the tender offer and its related transactional
                  expenses) until June 30, 2000. At June 30, 2000 and at the
                  last day of each fiscal quarter end thereafter, the Tangible
                  Net Worth to be maintained by the Company on that date and at
                  all times thereafter until the last day of the next quarter
                  shall be increased by an amount equal to seventy-five percent
                  (75%) of the Company's consolidated net profit for the fiscal
                  quarter then ended.

                  (ii) Leverage Ratio. For each period of four consecutive
                  fiscal quarters of the Company ending during the periods
                  indicated in the table below, the Company shall maintain a
                  Leverage Ratio, at levels not greater than those shown in the
                  following table:

                      Period                                      Ratio
                      ------                                      -----
                  from the date of this Ninth Amendment           3.00 to 1.0
                     and until March 31, 2001

                  At April 1, 2001 and at all                     2.50 to 1.0
                     times thereafter

                  (iii) Debt Service Coverage. For each period of four
                  consecutive fiscal quarters ending during the periods
                  indicated in the table below, the Company shall maintain a
                  debt service coverage ratio (hereinafter defined), determined
                  on a consolidated basis, of not less than that indicated in
                  the table below.

                      Period                                      Ratio
                      ------                                      -----
                  from the date of this Ninth Amendment and
                     until December 30, 2000                      1.05 to 1.0

                  from December 31, 2000 and until
                     December 29, 2001                            1.10 to 1.0

                  at December 30 , 2001 and at all
                     times thereafter                             1.20 to 1.0

                  For purposes of this covenant, the phrase "debt service
                  coverage ratio" means the ratio of (A) the sum of consolidated
                  net income before taxes plus interest expense plus
                  depreciation and amortization expense plus non-recurring and
                  extraordinary charges, all for the period for which the ratio
                  is being determined, over (B) the sum of scheduled Term Loan
                  and other debt payments plus interest expense plus cash income
                  taxes plus capital expenditures which were not financed plus
                  stock repurchased and cash dividends made, but excluding the
                  stock repurchase under the tender offer and related activities
                  referred to in Section 2(c)(iv) above, all for the period for
                  which such ratio is being determined.
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4.       NEGATIVE COVENANT.  Section 6.a. of the Agreement is hereby amended and
restated in its entirety to read as follows:

         a. Restricted Payments. If an Event of Default has occurred and is
         continuing or would occur as a result of any of the following, the
         Company shall not purchase or redeem any shares of the capital stock of
         the Company or declare or pay any dividends thereon except for
         dividends payable entirely in capital stock; and the Company shall not
         make any other distributions to shareholders as shareholders, or set
         aside any funds for any such purpose, or prepay, purchase or redeem any
         subordinated indebtedness of the Company.

5.       REPRESENTATIONS AND WARRANTIES.  In order to induce the Bank to enter
into this Ninth Amendment, the Company represents and warrants to the Bank that:

         a. The execution and delivery of this Ninth Amendment, the execution
         and delivery of all of the other documents executed in connection
         herewith, and the performance by the Company of its obligations under
         this Ninth Amendment and all of the documents executed in connection
         herewith are within the corporate power of the Company, have been duly
         authorized by all necessary corporate action, have received any
         required governmental or regulatory agency approvals and do not and
         will not contravene or conflict with any provision of law or of the
         Articles of Incorporation or Bylaws of the Company or of any agreement
         binding upon the Company or any of its property.

         b. This Ninth Amendment and all of the documents executed by the
         Company in connection herewith are the legal, valid and binding
         obligations of the Company, enforceable against the Company in
         accordance with their respective terms, except to the extent that
         enforcement thereof may be limited by bankruptcy, insolvency,
         reorganization, moratorium and other laws enacted for the relief of
         debtors generally and other similar laws affecting the enforcement of
         creditors' rights generally or by equitable principles which may affect
         the availability of specific performance and other equitable remedies.

         c. The representations and warranties contained in Section 3 of the
         Agreement are true and correct as of the date hereof except that the
         representations contained in Section 3.d. of the Agreement shall be
         deemed to refer to the latest financial statements furnished by the
         Company to the Bank.

         d. No Event of Default or Unmatured Event of Default has occurred and
         is continuing as of the date of this Ninth Amendment.

6.       CONDITIONS PRECEDENT.  This Ninth Amendment shall become effective upon
the Bank's receipt of the following, contemporaneously with the execution of
this Ninth Amendment, each duly executed, dated and in form and substance
satisfactory to the Bank:

         a. This Ninth Amendment;

         b. The replacement Term Loan Note;

         c. Certified copies of Resolutions of the Board of Directors of the
         Company, authorizing the execution, delivery and performance,
         respectively of this Ninth Amendment and the Term Loan Note, and the
         other Loan Documents to which such entity is a party;
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         d. Certificate of the Secretary of the Company certifying the name of
         the officer or officers authorized to sign each document to which the
         Company is a party, together with a sample of the true signature of
         each such officer;

         e. Copies of the Articles of Incorporation and Bylaws of the Company
         certified by the Secretary of such entity or a Certificate of No Change
         to such documents if previously delivered to the Bank;

         f. An opinion of counsel for the Company in form and substance
         acceptable to the Bank and its counsel;

         g. Receipt of payment of the reasonable legal fees and expenses of
         Bank's counsel at closing or immediately upon receipt by Borrower of an
         invoice therefor.

         h. Payment of the Commitment Fee due at closing.

         i. Such other documents as the Bank may reasonably request, including
         but not limited to all documents filed with the Securities and Exchange
         Commission regarding the tender offer.

7.       PRIOR AGREEMENTS.  The Agreement, as amended by this Ninth Amendment,
supersedes all previous agreements and commitments made or issued by the Bank,
related to all of the subjects of the Agreement, as amended by this Ninth
Amendment, and any oral or written proposals or commitments made or issued by
the Bank.

8.       AFFIRMATION.  Except as expressly amended by this Ninth Amendment, all
of the terms and conditions of the Agreement and each of the Loan Documents
remains in full force and effect.

         Executed on March 28, 2000.

                                       ESCALADE, INCORPORATED

                                       By John R. Wilson
                                          --------------------------------------
                                          John R. Wilson, Secretary


                                       BANK ONE, INDIANA, NATIONAL ASSOCIATION

                                       By Steven J. Krakoski
                                          --------------------------------------
                                          Steven J. Krakoski, Vice President and
                                          Senior Relationship Manager