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AMF Always Means Fun!
       AMF Bowling, Inc.    International Headquarters   Post Office Box 15060   804.730.4000 Telephone   804.730.1313  Facsimile
                            8100 AMF Drive               Richmond, Virginia 23227
                            Richmond, Virginia 23111
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       FOR IMMEDIATE RELEASE                         Contact:    Stephen E. Hare
       October 24, 1997                                  Chief Financial Officer
                                                                  (804) 730-4401

                                                        Earnings Release

             AMF Bowling, Inc. Increases Operating Cash Flow by 27%
                              for the Third Quarter

Richmond,  VA,  October 24, 1997 -- AMF Bowling,  Inc.  ("AMF" or the "Company")
today  reported  operating cash flow or "EBITDA"  (earnings  before net interest
expense, income taxes, depreciation and amortization, other income and expenses,
net) for the quarter ended September 30, 1997 of $40.9 million, a 27.0% increase
compared with $32.2 million for the third quarter of 1996. Revenue for the third
quarter of 1997  increased  42.3% over the same prior year quarter,  from $131.8
million to $187.5 million

For the nine months ended  September 30, 1997, the Company  reported  revenue of
$505.6 million  compared with $369.3 million for the nine months ended September
30, 1996,  an increase of 36.9%.  EBITDA was $126.7  million for the nine months
ended  September  30, 1997  compared  with $98.0  million for the prior year, an
increase of 29.3%.

"We are pleased with our third quarter results," said Steve Hare, Executive Vice
President  and Chief  Financial  Officer.  "This  performance  demonstrates  the
continued  success of our U.S.  Bowling  Center  acquisition  and  consolidation
program  and  continues  to  highlight  our   participation  in  the  growth  of
international Bowling Products markets."

Operating Results by Business

AMF's  Bowling  Centers  revenue  increased  48.0% to $96.8  million  and EBITDA
increased 36.4% to $21.0 million for the third quarter of 1997 versus 1996. Both
revenue  and  EBITDA for the  current  quarter  ended  September  30,  1997 were
favorably  impacted by the  inclusion  of results  for the 160  bowling  centers
acquired and one new bowling  center built since May 1996. The EBITDA margin for
the third  quarter  declined  from  23.5% in 1996 to 21.7% in 1997.  Margin  was
reduced by the larger number of U.S. bowling centers which experience seasonally
lower  margins  during the third  quarter.  In addition,  certain  international
markets,  particularly  Japan, where a prolonged recession has dampened results,
had lower EBITDA margins.  For the nine months ended September 30, 1997, Bowling
Centers  generated  revenue of $297.9 million and EBITDA of $84.0 million.  This
compares to revenue of $212.6  million and EBITDA of $63.7  million for the nine
months ended  September  30, 1996.  EBITDA  margin  declined for the nine months
ended  September 30 from 30.0% in 1996 to 28.2% in 1997,  again primarily due to
the larger number of U.S.  centers and the recent  acquisitions  of several U.S.
centers during the seasonally lower-margin summer months.

AMF's Bowling  Products  increased  revenue 36.9% to $94.2 million and increased
EBITDA 24.6% to $23.8 million for the third quarter of 1997 versus 1996.  EBITDA
margin was affected by increased advertising and


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Page 2 -  AMF Bowling, Inc. Increases Operating Cash Flow by 27%
          for the Third Quarter


promotion expense as well as competitive market  conditions,  and decreased from
27.8% in 1996 to 25.3% in 1997.  For the nine months ended  September  30, 1997,
Bowling  Products  generated  revenue  of  $218.9  million  and  EBITDA of $55.1
million.  This compares to revenue of $165.6 million and EBITDA of $42.0 million
for the nine months ended September 30, 1996.  EBITDA margin  declined  slightly
for the nine months from 25.4% in 1996 to 25.2% in 1997.

Bowling Products  improved  operating results during the third quarter and first
nine  months of 1997  resulted  primarily  from  increased  levels of New Center
Product ("NCP")  shipments to several markets  including  Asia/Pacific,  Europe,
South America and the Middle East.  NCP order rates  remained  strong during the
third quarter,  with a total backlog of 1,897 units at September 30, 1997 versus
1,755 at the same time last year.


Acquisition Program Update

As part of its ongoing bowling center acquisition and consolidation program, the
Company  acquired 30 U.S.  centers in the quarter ended  September 30, 1997, and
entered into agreements to acquire 19 additional U.S.  centers.  Since May 1996,
the Company has  acquired a total of 151 bowling  centers in the U.S.,  seven in
the United Kingdom and two in Australia,  resulting in the operation of 352 U.S.
and 87 international bowling centers as of September 30, 1997.


Joint Venture Update

To  capitalize  on the high  growth  potential  for the South  American  bowling
market, in August 1997 the Company entered into a joint venture arrangement with
Playcenter S.A., a Sao Paulo,  Brazil-based leading South American amusement and
entertainment  company. This joint venture,  owned 50% by the Company and 50% by
Playcenter,  is  expected to build or assume  ownership  of and operate up to 39
bowling centers in Brazil and Argentina  during the next four years. The Company
will be the  exclusive  equipment  supplier to the joint venture and expects its
total investment to be approximately $14 million.


Acquisition of Michael Jordan Golf Company, Inc.

On October 20, 1997, the Company acquired  Michael Jordan Golf Company,  Inc., a
company formed to build and operate high profile golf practice  ranges in select
U.S.  locations.  In a related agreement,  rights to Mr. Jordan's image and name
will  be  extended  under  a  personal  services  contract  to  AMF  for  use in
advertising  and  marketing  campaigns  which  promote  certain  aspects  of the
Company's bowling business. Terms of the transactions were not disclosed.

"AMF is thrilled about working with Michael Jordan.  There are many similarities
between our  bowling  center  business  and the  potential  that the golf center
business holds.  Naturally,  we also believe Michael will have a great impact on
the  promotion  of our  brand,  as well as on our  sport,"  said  Doug  Stanard,
President and Chief Executive Officer of AMF.





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Page 3 -  AMF Bowling, Inc. Increases Operating Cash Flow  by 27%
          for the Third Quarter


Financing Update

In  September  1997,  the  Company's  institutional  stockholders  purchased  an
aggregate of 1,780,000  shares of its common stock for $20.00 per share, and the
aggregate proceeds of $35.6 million were used in part to fund acquisitions,  and
for other corporate purposes.


Initial Public Offering

On August 21, 1997, AMF filed a  registration  statement with the Securities and
Exchange  Commission for a proposed  initial public offering (the "Offering") of
12.5 million shares of common stock by the Company, the proceeds of which are to
be used to repay indebtedness.

In connection  with the Offering,  AMF's Bank Group has approved in principle an
amendment to the Company's Bank Credit  Agreement (the  "Amendment")  which will
increase  the  Company's  borrowing  capacity  and  financial  flexibility.  The
Amendment is expected to become  effective upon completion of the Offering which
is expected to occur in early November 1997.

A registration statement relating to shares of common stock of AMF Bowling, Inc.
has been filed  with the  Securities  and  Exchange  Commission  but has not yet
become effective.  The common stock may not be sold nor may any offers to buy be
accepted prior to the time the registration  statement becomes  effective.  This
press release shall not  constitute an offer to sell or the  solicitation  of an
offer to buy any common stock nor shall there be any sale of these securities in
any state in which such offer,  solicitation  or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.


















AMF Bowling, Inc.,  headquartered in Richmond,  Virginia, is the world's largest
owner and operator of bowling centers, with 439 centers in 10 countries.  AMF is
also one of the world's leading manufacturers and marketers of bowling products.


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                                               AMF BOWLING, INC. AND SUBSIDIARIES (1)
                                                 CONSOLIDATED STATEMENTS OF INCOME
                                                            (unaudited)
                                                           (in millions)
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                                                                   Three Months Ended                   Nine Months Ended
                                                                     September 30,                        September 30,
                                                           -----------------------------------  ----------------------------------
                                                                 1997              1996              1997            1996 (2)
                                                                 ----              ----              ----            ----    

Operating revenue                                                $    187.5        $    131.8       $    505.6         $    369.3
                                                           -----------------  ----------------  ---------------  -----------------

Operating expenses:
     Cost of goods
     sold                                                              64.4              45.0            150.5              111.5
     Bowling center operating
     expenses                                                          65.1              42.1            181.2              124.6
     Selling, general, and administrative
     expenses                                                          17.1              12.5             47.2               35.2
     Depreciation and
     amortization                                                      23.4              17.9             66.8               52.7
                                                           -----------------  ----------------  ---------------  -----------------
         Total operating expenses
                                                                      170.0             117.5            445.7              324.0
                                                           -----------------  ----------------  ---------------  -----------------

         Operating income
                                                                       17.5              14.3             59.9               45.3

Nonoperating expenses (income):
     Interest
     expense                                                           31.7              26.3             89.2               78.5
     Other expenses, net
                                                                        1.3               0.8              3.6                1.8
     Interest income
                                                                      (0.5)             (0.5)            (1.6)              (4.8)
                                                           -----------------  ----------------  ---------------  -----------------
         Total nonoperating
         expenses                                                      32.5              26.6             91.2               75.5
                                                           -----------------  ----------------  ---------------  -----------------

Loss before income taxes
                                                                     (15.0)            (12.3)           (31.3)             (30.2)
Benefit for income
taxes                                                                 (4.7)             (7.1)            (8.9)             (12.8)
                                                           =================  ================  ===============  =================
Net loss                                                         $   (10.3)        $    (5.2)       $   (22.4)         $   (17.4)
                                                           =================  ================  ===============  =================


Selected Data:
     EBITDA (3)                                                  $     40.9        $     32.2       $    126.7         $     98.0
     EBITDA margin                                                    21.8%             24.4%            25.1%              26.5%
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     (1)AMF Bowling,  Inc. is a holding company only, and its primary assets are
        comprised of investments in subsidiaries  including AMF Group Inc. which
        is principally engaged in two business segments (i) operation of bowling
        centers and (ii) manufacturing and marketing of bowling products.
     (2)Pro forma  operating  results have been presented for the three and nine
        months ended September 30, 1996, to provide a more meaningful comparison
        with 1997. The pro forma results include  operations for the Predecessor
        Company ("AMF Bowling Group") through April 30, 1996 and for the Company
        ("AMF  Bowling,  Inc.")  since  May 1,  1996  (the  closing  date of the
        "Acquisition"). Pro forma adjustments: (i) eliminate two bowling centers
        retained by the Sellers;  (ii) eliminate a one-time charge in April 1996
        for  special  bonus  payments of $44  million  which were  substantially
        funded by the Sellers  prior to the  Acquisition;  and (iii)  reclassify
        certain  Bowling Centers  administrative  costs of $0.9 million and $2.6
        million and Bowling  Products  administrative  costs of $1.0 million and
        $3.1  million for the three and nine months  ended  September  30, 1996,
        respectively, to Corporate.
     (3)Represents a measure of operating  cash flow defined as earnings  before
        net interest expense, income taxes,  depreciation and amortization,  and
        other income and expenses, net.


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                                            AMF BOWLING, INC. AND SUBSIDIARIES (1)

                                                      Segment Information
                                                         (in millions)
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                                                                                                                    Period to
                                   First Quarter       Second Quarter        Third Quarter       Fourth Quarter        Date
                                   -------------       --------------        -------------       --------------        ----

1997 Revenue
Bowling Centers                       $108.5                 $92.6               $96.8                            $297.9
Bowling Products                        52.0                  72.7                94.2                             218.9
Intersegment Elimination               (2.9)                 (4.8)               (3.5)                            (11.2)
TOTAL                                 $157.6                $160.5              $187.5                            $505.6

1996 Revenue(2)
Bowling Centers                        $82.5                 $64.7               $65.4                $94.7       $307.3
Bowling Products                        43.0                  53.8                68.8                 86.5        252.1
Intersegment Elimination               (2.8)                 (3.7)               (2.4)                (1.6)       (10.5)
TOTAL                                 $122.7                $114.8              $131.8               $179.6       $548.9

1997 EBITDA(3)
Bowling Centers                        $41.9                 $21.1               $21.0                             $84.0
Bowling Products                        12.0                  19.3                23.8                              55.1
Corporate                              (3.6)                 (4.7)               (3.7)                            (12.0)
Intersegment Elimination               (0.1)                 (0.1)               (0.2)                             (0.4)
TOTAL                                  $50.2                 $35.6               $40.9                            $126.7

1996 EBITDA (2) (3)
Bowling Centers                        $32.6                 $15.7               $15.4                $31.9        $95.6
Bowling Products                         9.4                  13.5                19.1                 20.6         62.6
Corporate                              (2.5)                 (1.4)               (2.3)                (4.8)       (11.0)
Intersegment Elimination               (0.6)                 (0.9)                 0.0                (0.2)        (1.7)
TOTAL                                  $38.9                 $26.9               $32.2                $47.5       $145.5
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See notes (1-3) to Financial Summary.