Document:

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                                                                   EXHIBIT 10.15

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITY ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE
TRANSFERRED UNLESS THE COMPANY HAS RECEIVED A WRITTEN OPINION FROM COUNSEL IN
FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY STATING THAT SUCH TRANSFER IS
BEING MADE IN COMPLIANCE WITH ALL APPLICABLE FEDERAL AND STATE SECURITIES LAWS.
THE TRANSFER OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT IS SUBJECT TO
TRANSFER RESTRICTIONS, OBLIGATIONS AND OTHER CONDITIONS SPECIFIED IN THE SECOND
AMENDED AND RESTATED SHAREHOLDER AGREEMENT DATED AS OF NOVEMBER 4, 1997, AND AS
AMENDED FROM TIME TO TIME, AMONG THE COMPANY AND ITS SHAREHOLDERS.

NO. WB-__

                   SERIES B PREFERRED STOCK PURCHASE WARRANT

           To Subscribe for and Purchase Series B Preferred Stock of

                               TOTAL SPORTS INC.

     THIS CERTIFIES that, for value received, [___________________], or
registered permitted assigns, is the owner of ______ Warrants (subject to
adjustment in accordance with the provisions hereof), each of such Warrants
entitling such Holders to subscribe for and purchase from TOTAL SPORTS INC., a
Delaware corporation (the "Company"), at the price of $4.492 per share (the
                           -------
"Exercise Price"), at any time commencing on the date hereof until 5:00 p.m.,
---------------
Charlotte, North Carolina time, on [10 years from date of grant] (the "Exercise
                                                                       --------
Period"), one fully paid and nonassessable share (the "Exercise Rate") of the
------                                                 -------------
Company's Series B Convertible Preferred Stock, par value $4.492 per share (the
"Series B Preferred Stock") (subject to adjustment as noted below) per each
 ------------------------
Warrant.  This Series B Preferred Stock Purchase Warrant shall be referred to
herein as the "Series B Preferred Stock Purchase Warrant," and the Warrants
               -----------------------------------------
represented by this Series B Preferred Stock Purchase Warrant shall be referred
to herein as "Warrants." This Series B Preferred Stock Purchase Warrant is
              --------
subject to the following provisions, terms and conditions.

     Section 1. Definitions. Unless otherwise defined herein, capitalized terms
used herein shall have the meaning given such terms below. Capitalized terms
used herein and not defined shall have the meanings set forth in the Note and
Warrant Purchase Agreement (as defined below).

          "Additional Shares of Common Stock" shall mean the following but shall
           ---------------------------------
     not include the Excluded Shares: (i) all Common Stock of the Company, (ii)
     all Series B Preferred Stock, (iii) any additional class of stock having
     the right to dividends, preferences or distributions on liquidation, which
     may be authorized in the future by
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     amendment to the Company's articles of incorporation, (iv) any debt or
     equity security which has or may be issued in lieu of or in substitution or
     exchange for any of the foregoing or which has or may be issued upon the
     exercise, exchange or conversion of any of the foregoing by its terms, and
     (v) any debt or equity security which has or may be issued by a third party
     in lieu of or in substitution for any of the foregoing as a result of any
     merger of the Company into such third party.

          "Appraised Market Value" shall mean the market value of the Common
           ----------------------
     Stock as agreed by the Company and the Holder hereof, or if the Company and
     the Holder cannot agree, as determined by a valuation by an investment
     banking company suitable to the Company and the Holder.  In the event the
     parties cannot agree on an investment banking company to perform the
     valuation described above, the Company and the Holder shall each select an
     investment banking company and the two investment banking companies so
     selected shall select a third investment banking company which shall
     determine the market value.  In determining the Appraised Market Value of
     the Common Stock, no discount shall be applied because the shares of Common
     Stock held by the Holders (i) have not been registered under the Securities
     Act, or (ii) represent a minority interest in the Company.  The fees and
     expenses of the investment banking companies shall be borne by the Company.

          "Convertible Securities" shall mean evidences of indebtedness, shares
           ----------------------
     of stock or other securities which are convertible into or exchangeable,
     with or without payment of additional consideration, for Additional Shares
     of Common Stock.

          "Excluded Shares" shall mean shares of Series B Preferred Stock or
           ---------------
     Common Stock (as applicable) issued or to be issued upon exercise of any
     warrants issued by the Company for Series B Preferred Stock and shares of
     Common Stock issued or to be issued upon exercise of options issued
     pursuant to the option plan in existence on the date of closing or approved
     by the Board of Directors at any time subsequent thereto.

          "Holder" or "Holders" shall mean [____________] and any registered
           ------      -------
     permitted assignee thereof.

          "Market Price" of a share of Series B Preferred Stock or Common Stock
           ------------
     (as applicable) on any day shall mean the average closing price of a share
     of Series B Preferred Stock or Common Stock (as applicable) for the 30
     consecutive trading days preceding such day on the principal national
     securities exchange or NASDAQ National Market System on which the shares of
     Common Stock are listed or admitted to trading or, if not listed or
     admitted to trading on any national securities exchange, the average of the
     reported closing bid and asked prices during such 30 trading day period in
     the over-the-counter market as furnished by the national Quotation Bureau,
     Inc., or, if the shares of Series B Preferred Stock or Common Stock (as
     applicable) are not publicly traded, the Appraised Market Value; provided,
                                                                      --------
     however, that the "Market Price" for a share of Series B Preferred Stock of
     -------
     Common Stock (as applicable) sold pursuant to a public offering by

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     the Company shall be deemed to be the price received by the Company for
     such share; and provided further that in no event shall "Market Price" be
                     -------- -------
     deemed to be less than $4.492 per share (subject to proportional adjustment
     upon the occurrence of any event specified in subparagraph 2(b)(i) or
     2(b)(ii)).

          "Note and Warrant Purchase Agreement" shall mean that certain Note and
           -----------------------------------
     Warrant Purchase Agreement by and among the Company and the purchasers
     listed therein dated as of the date hereof.

          "Notice of Exercise" shall mean a notice which states (i) the number
           ------------------
     of Warrants a Holder intends to exercise, (ii) the persons (who must be
     permitted assigns) (the "Recipients") who shall receive the shares of stock
                              -----------
     and by the Warrants to be exercised, (iii) the addresses of Recipients, and
     (iv) the number of certificates to be issued to represent the shares of
     stock issued as a result of the exercise of Warrants.

          "Person" shall mean an individual, a trust, an estate, a domestic
           ------
     corporation, a foreign corporation, a partnership, a limited partnership, a
     limited liability company, a foreign limited liability company, an
     unincorporated association, or other entity.

          "Securities Act" shall mean the Securities Act of 1933, as amended and
           --------------
     the regulations promulgated thereunder.

     Section 2.  Exercise of Warrants.

          (a) The Warrants may be exercised by the Holders, in whole or in part
     from time to time after the Closing (the "Exercise Period") and during the
                                               ---------------
     Exercise Period by the surrender of this Series B Preferred Stock Purchase
     Warrant at, and delivery of a Notice of Exercise to, the offices of the
     Company at the address set forth in the Note and Warrant Purchase
     Agreement, or such other office or agency of the Company in the United
     States as the Company may designate by notice in writing at any time during
     the Exercise Period, accompanied by payment to the Company of the Exercise
     Price for the number of shares for which the Warrants are then being
     exercised.  The Exercise Price shall be payable, at the option of the
     Holder, (i) by certified or bank check, (ii) by cancellation of
     indebtedness owed by the Company to the Holders in an amount equal to the
     Exercise Price or (iii) by the surrender of that certain number of Warrants
     having a Market Price equal to the Exercise Price.  The Company agrees that
     the shares so purchased shall be deemed to be issued to the Holder as the
     record owner of such shares as of the close of business on the date of
     exercise of the Warrants.  Duly executed certificates for the shares of
     stock so purchased shall be delivered to the Holder hereof within five
     business days after such exercise.  Unless this Series B Preferred Stock
     Purchase Warrant has expired or been exercised in full, a notation on this
     Series B Preferred Stock Purchase Warrant stating the number of shares
     exercised shall be made by the Company and this Series B Preferred Stock
     Purchase Warrant shall then be returned to the Holder within five business
     days.  The issuance of certificates for shares of Series B

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     Preferred Stock upon the exercise of this Warrant shall be made without
     charge to the Holder for any cost or expense (including any original issue
     or transfer tax and excluding any income taxes of the Holder).

          (b)  The Exercise Price and Exercise Rate shall be subject to the
     following adjustments:

               (i)    If, at any time during the Exercise Period, the Company
          shall declare and pay on the Series B Preferred Stock or the Common
          Stock (as applicable) a dividend or other distribution payable in
          shares of Series B Preferred Stock or the Common Stock (as
          applicable), the Exercise Rate in effect at the time of taking of a
          record for such dividend shall be proportionately increased so that
          the Holder shall be entitled to receive the number of shares of Series
          B Preferred Stock or the Common Stock (as applicable) which such
          Holder would have owned or been entitled to receive after the
          declaration and payment of such dividend or other distribution if the
          Warrants had been exercised immediately prior to the record date for
          the determination of shareholders entitled to receive such dividend or
          other distribution, and the Exercise Price shall be proportionately
          decreased so that the aggregate Exercise Price payable upon exercise
          in full of the Warrants shall remain the same.

               (ii)   If the Company shall subdivide the outstanding shares of
          Series B Preferred Stock or the Common Stock (as applicable) into a
          greater number of shares, or combine the outstanding shares of Series
          B Preferred Stock or the Common Stock (as applicable) into a lesser
          number of shares, or issue by reclassification of its shares of Series
          B Preferred Stock (as applicable) or the Common Stock, any other
          shares of the Company's capital stock, the Exercise Rate in effect
          immediately prior thereto shall be proportionately adjusted so that
          the Holder shall be entitled to receive the number of shares of Series
          B Preferred Stock or the Common Stock (as applicable) or such other
          shares which such Holder would have owned or been entitled to receive
          after the happening of any of the events described above if the
          Warrants had been exercised immediately prior to the happening of such
          event on the day upon which such subdivision, combination or
          reclassification, as the case may be, becomes effective, and the
          Exercise Price shall be proportionately adjusted so that the aggregate
          Exercise Price payable upon exercise in full of the Warrants
          represented by this Series B Preferred Stock or the Common Stock
          Purchase Warrant (as applicable) shall remain the same.

               (iii)  If the Company shall issue (other than as provided in
          subparagraph 2(b)(i) or 2(b)(ii) and other than Excluded Shares) or
          sell any Additional Shares of Common Stock for a consideration per
          share less than the Market Price, then at the time of such issuance or
          sale the Exercise Rate shall be adjusted to the number determined by
          multiplying the Exercise Rate in effect immediately prior to such
          issuance or sale by a fraction, the numerator of which shall be the
          number of

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          shares of Common Stock outstanding (including Excluded Shares),
          whether issued or issuable upon conversion or exercise, immediately
          prior to the issuance or sale of such Additional Shares of Common
          Stock plus the number of such Additional Shares of Common Stock so
          issued or sold, and the denominator of which shall be the number of
          shares of Common Stock outstanding (including Excluded Shares),
          whether issued or issuable upon conversion or exercise, immediately
          prior to the issuance or sale of such Additional Shares of Common
          Stock plus the number of shares of Common Stock which the aggregate
          consideration for such Additional Shares of Common Stock so issued or
          sold would purchase at a consideration per share equal to the Market
          Price. The Exercise Price shall be appropriately adjusted by
          multiplying the Exercise Price at the close of business on the date of
          such issuance or sale by the reciprocal of the fraction described
          above.

               (iv)  If the Company shall issue (other than as provided in
          paragraph 2(b)(i) or 2(b)(ii) and other than Excluded Shares) or sell
          any warrants, options or other rights entitling the Holders thereof to
          subscribe for or purchase either Additional Shares of Common Stock or
          Convertible Securities, and the consideration per share for which
          Additional Shares of Common Stock may at any time thereafter be
          issuable pursuant to such warrants, options or other rights or such
          Convertible Securities (when added to the consideration per share of
          Series B Preferred Stock or Common Stock (as applicable), if any,
          received for such warrants, options or other rights), shall be less
          than the Market Price then in effect, then the Exercise Rate shall be
          adjusted to the number determined by multiplying the Exercise Rate in
          effect immediately prior to such issuance or sale by a fraction, the
          numerator of which shall be the number of shares of Common Stock
          outstanding (including Excluded Shares), whether issued or issuable
          upon conversion or exercise, immediately prior to the issuance or sale
          of such warrants, options or other rights plus the number of
          additional shares of Series B Preferred Stock or Common Stock (as
          applicable) issuable upon the exercise of such warrants, options or
          other rights, and of which the denominator shall be the number of
          shares of Common Stock outstanding (including Excluded Shares),
          whether issued or issuable upon conversion or exercise, immediately
          prior to the issuance or sale of such warrants, options or other
          rights plus the number of shares which the aggregate offering price of
          the total number of Additional Shares of Common Stock so offered (when
          added to the consideration per share of Common Stock, if any, received
          for such warrants, options or other rights) would purchase at the
          Market Price then in effect.  The Exercise Price shall be
          appropriately adjusted by multiplying the Exercise Price at the close
          of business on the date of such issuance or sale by the reciprocal of
          the fraction described above.

               (v)   If the Company shall issue (other than as provided in
          subparagraph 2(b)(i) or 2(b)(ii) and other than Excluded Shares) or
          sell Convertible Securities and the consideration per share for which
          Additional Shares of Common Stock may at any time thereafter be
          issuable pursuant to the terms of such Convertible

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          Securities shall be less than the Market Price then in effect, then
          the Exercise Rate shall be adjusted to the number determined by
          multiplying the Exercise Rate in effect immediately prior to such
          issuance or sale by a fraction, the numerator of which shall be the
          number of shares of Common Stock outstanding (including Excluded
          Shares), whether issued or issuable upon conversion or exercise,
          immediately prior to the issuance or sale of such Convertible
          Securities plus the number of Additional Shares of Series B Preferred
          Stock or Common Stock (as applicable) issuable upon the exercise of
          such Convertible Securities, and of which the denominator shall be the
          number of shares of Common Stock outstanding (including Excluded
          Shares), whether issued or issuable upon conversion or exercise,
          immediately prior to the issuance or sale of such Convertible
          Securities plus the number of shares which the aggregate conversion or
          exercise price of the total number of Additional Shares of Common
          Stock so offered would purchase at the Market Price then in effect.
          The Exercise Price shall be appropriately adjusted by multiplying the
          Exercise Price at the close of business on the date of such issuance
          or sale by the reciprocal of the fraction described above. No
          adjustment of the Exercise Rate shall be made under this subparagraph
          2(b)(v) upon the issuance of any Convertible Securities which are
          issued pursuant to the exercise of any warrants, options or other
          rights, if such adjustment shall previously have been made upon the
          issuance of such warrants, options or other rights pursuant to
          subparagraph 2(b)(iv).

               (vi)    For the purposes of subparagraphs 2(b)(iii), 2(b)(iv) and
          2(b)(v), the date as of which the Market Price shall be computed shall
          be the earlier of (c) the date on which the Company shall enter into a
          firm contract for the issuance of such Additional Shares of Common
          Stock, warrants, options or other rights or Convertible Securities,
          and (y) the date of the actual issuance of such Additional Shares of
          Common Stock, warrants, options or other rights or Convertible
          Securities.

               (vii)   No adjustment of the Exercise Rate shall be made under
          subparagraph 2(b)(iii) upon the issuance of any Additional Shares of
          Common Stock which are issued pursuant to the exercise of any
          warrants, options or other rights or pursuant to the conversion of
          Convertible Securities, if such adjustment shall previously have been
          made upon the issuance of such warrants, options or other rights or
          Convertible Securities, pursuant to subparagraphs 2(b)(iv) or 2(b)(v).

               (viii)  If any warrants, options or other rights (or any portion
          thereof) which shall have given rise to an adjustment pursuant to
          subparagraph 2(b)(iv) or conversion or exchange rights pursuant to
          Convertible Securities which shall have given rise to an adjustment
          pursuant to subparagraph 2(b)(v) shall have expired or terminated
          without the exercise thereof, or if by reason of the terms of such
          warrants, options or other rights or Convertible Securities there
          shall have been an

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          increase or increases, with the passage of time or otherwise, in the
          exercise or conversion price thereof, then the Exercise Rate hereunder
          shall be readjusted (but to no greater extent than originally
          adjusted) on the basis of (x) eliminating from the computation of any
          Additional Shares of Common Stock shares of Series B Preferred Stock
          or Common Stock (as applicable) attributable to such warrants, options
          or other rights or conversion or exchange rights as shall have expired
          or terminated, and (y) treating the Additional Shares of Common Stock,
          if any, actually issued pursuant to the previous exercise of such
          warrants, options or other rights or conversion or exchange rights
          pursuant to any Convertible Securities as having been issued for the
          consideration actually received and receivable therefor. In the event
          of any such readjustment, an appropriate adjustment shall be made to
          the Exercise Price.

               (ix)  (A)  In any such case covered by this paragraph 2(b), in
          determining the amount of consideration received by the Company as a
          result of the issuance of Additional Shares of Common Stock,
          Convertible Securities or warrants, options or other rights to
          purchase any such Additional Shares of Common Stock, if the
          consideration is in whole or in part consideration other than cash,
          the amount of the consideration shall be deemed to be the fair value
          of such consideration as reasonably determined by the board of
          directors of the Company.  If Additional Shares of Common Stock shall
          be issued as part of a unit with warrants, options or other rights,
          then the amount of consideration for the warrants, options or other
          rights shall be deemed to be the amount reasonably determined by the
          board of directors of the Company.

                     (B)  In case any Additional Shares of Common Stock,
          Convertible Securities or any options, warrants or other rights to
          purchase such Additional Shares of Common Stock or Convertible
          Securities shall be issued in connection with any merger or
          consolidation in which the Company is the surviving corporation, the
          amount of consideration therefor shall be deemed to be the fair value,
          as reasonably determined by the board of directors of the Company, of
          such portion of the assets and business of the nonsurviving
          corporation or corporations as the board shall determine to be
          attributable to such Additional Shares of Common Stock, Convertible
          Securities or warrants, options or other rights to purchase such
          Additional Shares of Common Stock or Convertible Securities.

               (x)   If a purchase, tender or exchange offer is made to and
          accepted by a majority of the outstanding shares of Common Stock, the
          Company shall not effect any consolidation, merger or sale with the
          Person having made such offer or with any affiliate of such Person,
          unless prior to the consummation thereof the Holders shall have been
          given a reasonable opportunity to elect to receive, upon exercise or
          exchange of the Warrants either the stock, securities, cash or assets
          then issuable with respect to the Series B Preferred Stock or Common
          Stock (as

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          applicable) or the stock, Securities, cash or assets issued to
          previous Holders of the Series B Preferred Stock or Common Stock (as
          applicable) in accordance with such offer, or the equivalent thereof.

               (xi)    If a state of facts shall occur which, without being
          specifically controlled by the provisions of this paragraph 2(b),
          would not fairly protect the exercise rights of the Holders in
          accordance with the essential intent and principles of such
          provisions, then the board of directors of the Company shall make an
          adjustment in the application of such provisions, in accordance with
          such essential intent and principles, so as to protect those Warrant
          rights.

               (xii)   Whenever the Exercise Rate and Exercise Price shall be
          adjusted pursuant to this paragraph 2(b), the Company shall deliver to
          each Holder a written notice setting forth in reasonable detail the
          event requiring the adjustment and the method by which such adjustment
          was calculated (including a description of the basis on which the
          board of directors of the Company determined the fair value of any
          consideration other than cash pursuant to subparagraph 2(b)(ix)) and
          specifying the new Exercise Rate and Exercise Price.  All calculations
          under this paragraph 2(b) shall be made to the nearest one-one
          hundredth of a share.

               (xiii)  The Company shall at all times reserve and keep
          available, free from preemptive rights, out of its authorized but
          unissued shares of Series B Preferred Stock or Common Stock (as
          applicable), solely for the purpose of effecting the exercise of the
          Warrants, the full number of shares of Series B Preferred Stock or
          Common Stock (as applicable) then deliverable upon the exercise of the
          Warrants.  The Company shall take at all times such corporate action
          as shall be necessary in order that the Company may validly and
          legally issue fully paid and nonassessable shares of Series B
          Preferred Stock or Common Stock (as applicable) upon the exercise of
          the Warrants in accordance with the provisions hereof, free from all
          taxes, liens, charges and security interests.  The Company represents
          and warrants to the Holders that the shares of Series B Preferred
          Stock or Common Stock (as applicable) issuable upon the exercise of
          the Warrants will, when issued, be duly authorized, validly issued,
          fully paid and nonassessable.  The Company will, at its expense, use
          its best efforts to cause such shares to be listed (subject to
          issuance or notice of issuance) on all stock exchanges, if any, on
          which the Company's Series B Preferred Stock or Common Stock (as
          applicable) may become listed.

               (xiv)   In case the Company shall effect a reorganization, shall
          merge with or consolidate into another corporation, or shall sell,
          transfer or otherwise dispose of all or substantially all its
          property, assets or business and, pursuant to the terms of such
          reorganization, merger, consolidation or disposition of assets, shares
          of stock or other securities, property or assets of the Company,
          successor or transferee or other third party or cash are to be
          received by or distributed to the

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          holders of Series B Preferred Stock or Common Stock (as applicable),
          then the Holder of this Series B Preferred Stock Purchase Warrant
          shall have the right thereafter to receive, upon subsequent exercise
          of the Warrants by this Series B Preferred Stock Purchase Warrant, the
          number of shares of stock or other securities, property or assets of
          the Company, successor or transferee or other third party thereof or
          cash receivable upon or as a result of such reorganization, merger,
          consolidation or disposition of assets by a holder of the number of
          shares of Series B Preferred Stock or Common Stock (as applicable)
          equal to the number of shares of Series B Preferred Stock or Common
          Stock (as applicable) issuable to the Holder of this Series B
          Preferred Stock Purchase Warrant, if the Warrants represented by this
          Series B Preferred Stock Purchase Warrant had been exercised
          immediately prior to such event. The provisions of this subparagraph
          2(b)(xiv) shall similarly apply to successive reorganizations,
          mergers, consolidations or dispositions of assets.

               (xv)    No fractional shares of Series B Preferred Stock or
          Common Stock (as applicable) or scrip representing fractional shares
          of Series B Preferred Stock or Common Stock (as applicable) shall be
          issued upon any exercise of this Series B Preferred Stock Purchase
          Warrant, but, in lieu thereof, there shall be paid an amount in cash
          equal to the same fraction of the Market Price of a whole share of
          Series B Preferred Stock or Common Stock (as applicable) on the
          business day preceding the day of exercise.

               (xvi)   The Exercise Rate shall be adjusted so that this Warrant
          shall be exercisable in an amount equal to that number of Series B
          Preferred Stock or Common Stock (as applicable) equal to the quotient
          of 15% of the principal and interest due under the Company's 10%
          Convertible Promissory Note dated the date hereof payable to the
          Holder thereof (the "Note") on the earlier of the date the Note is due
          and payable or the date of conversion (as provided therein) divided by
          the price per share in the next Venture Capital Financing (as defined
          below); provided, however, that such adjustment shall not reduce the
                  --------  -------
          amount of Warrants hereunder to less than __________ shares (subject
          to adjustment for stock splits, stock dividends and the like).  For
          purposes of this Warrant, a "Venture Capital Financing" shall mean (i)
                                       -------------------------
          the Company's sale of Securities to venture capital, institutional or
          private investors in which at least $3,000,000 in gross cash proceeds
          are received by the Company (including proceeds resulting from the
          conversion of the Note) and (ii) the terms and conditions of such sale
          of Securities being reasonably satisfactory to the Holder.

               (xvii)  Notwithstanding any other provision of this Section 2(b),
          the provisions of paragraphs 2(b)(iii), 2(b)(iv), 2(b)(v), 2(b)(vi),
          2(b)(vii), 2(b)(viii) and 2(b)(ix) shall only apply to adjustments of
          the Exercise Price and Exercise Rate in connection with the exercise
          of this Series B Preferred Stock Purchase Warrant for Common Stock;
          provided, however, that such subparagraphs
          --------  -------

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          described above shall also apply to an exercise of this Series B
          Preferred Stock Purchase Warrant for Series B Preferred Stock if the
          Holder is not afforded the anti-dilution protections attributable to
          such Series B Preferred Stock set forth in the Company's articles of
          incorporation.

     Section 3.  Dividends and Distributions. For so long as any part of this
Series B Preferred Stock Purchase Warrant remains outstanding and unexercised,
the Company will, upon the declaration of a cash dividend upon its Series B
Preferred Stock or Common Stock (as applicable) or other distribution to the
Holders of its Series B Preferred Stock or Common Stock (as applicable) and at
least 30 days prior to the record date, notify the Holder hereof of such
declaration, which notice will contain, at a minimum, the following information:
(a) the date of the declaration of the dividend or distribution, (b) the amount
of such dividend or distribution, (c) the record date of such dividend or
distribution, (d) the payment date or distribution date of such dividend or
distribution, and (e) the Company's best estimate of the frequency and amount of
cash dividends or other distributions to be paid or made in each of the
succeeding three years. The Holders shall, upon the exercise hereof, be entitled
to receive, in addition to the number of shares of Series B Preferred Stock or
Common Stock (as applicable) receivable thereupon, and without payment of any
additional consideration therefor, the amount of such other or additional
securities or other property (other than cash) of the Company which such Holders
would hold on the date of such exercise had it been the holder of record of such
Series B Preferred Stock or Common Stock (as applicable) on the date hereof and
had thereafter, during the period from the date hereof to and including the date
of such exercise, retained such shares and/or all other additional securities or
other property receivable by it as aforesaid during such period, giving effect
to all adjustments pursuant to Section 2.

     Section 4.  Conversion or Redemption of Series B Preferred Stock.  If
at the time of any exercise of this Warrant there are no other shares of Series
B Preferred Stock outstanding (such shares having been converted), this Warrant
shall be exercisable for Common Stock of the Company instead of Series B
Preferred Stock in the same amounts, for the same prices and on the same terms,
and all references herein to "Series B Preferred Stock" shall be changed to
refer to "Common Stock."

     Section 5.  Reservation of Stock. The Company agrees that its issuance
of this Warrant shall constitute full authority to its officers who are charged
with the duty of executing stock certificates to execute and issue the necessary
certificates for shares of Series B Preferred Stock (or Common Stock, in the
event the Company's articles of incorporation do not authorize sufficient shares
of Series B Stock) upon the exercise of this Warrant.

     Section 6.  Transfer of Warrants. This Series B Preferred Stock Purchase
Warrant and all rights hereunder are transferable to permitted assigns pursuant
to the Second Amended and Restated Shareholder Agreement, in whole or in part,
at the office or agency of the Company referred to in paragraph 7 hereof, by the
Holder hereof in person or his duly authorized attorney, upon surrender of this
Series B Preferred Stock Purchase Warrant properly endorsed.

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     Section 7.  Exercise of Warrants.  This Series B Preferred Stock
Purchase Warrant is exchangeable, upon the surrender hereof by the Holder hereof
at the office of the Company, for new Series B Preferred Stock Purchase Warrants
of like tenor representing in the aggregate the right to subscribe for and
purchase the number of shares which may be subscribed for and purchased
hereunder.

     Section 8.  Remedies. In the event of any default or threatened default by
the Company in the performance of or compliance with any of the terms of this
Series B Preferred Stock Purchase Warrant remedies at law are not and will not
be adequate for the Holders, and that such terms may be specifically enforced by
a decree for the specific performance of any agreement contained herein or by an
injunction against a violation of any of the terms hereof or otherwise.

     Section 9.  Notices. Except as otherwise provided herein, any notices
hereunder shall be deemed to have been received (a) when delivered, if
personally delivered or sent via facsimile, or (b) one day following delivery to
a nationally recognized overnight courier or (c) on the third business day
following the date on which the piece of mail containing such communication is
posted, if sent by certified or registered mail, return receipt requested, in
each case addressed, if given to the Company, to the principal office of the
Company, Attention: President, or, if given to a Holder, addressed to such
Holder at his address as the same shall appear on the books of the Company.

     Section 10. Governing Law.  This Series B Preferred Stock Purchase
Warrant shall be governed by and construed in accordance with the laws of the
State of North Carolina.

     Section 11. Headings.  The headings of the Sections of this Series B
Preferred Stock Purchase Warrant are inserted for convenience only and shall not
be deemed to constitute a part hereof.

     Section 12. Severability. If any provision or any portion of any provision
of this Series B Preferred Stock Purchase Warrant shall be held to be void or
unenforceable, the remaining portions of this Series B Preferred Stock Purchase
Warrant shall continue in full force and effect.

     Section 13. Amendments. This Series B Preferred Stock Purchase Warrant and
any term or provision hereof may be changed, waived, discharged or terminated
only by an instrument in writing signed by both the Company and the Holder
hereof.

              [Remainder of this page intentionally left blank.]

                                       11
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Series B Preferred Stock
Purchase Warrant to be signed by one of its duly authorized officers under its
corporate seal and attested, and this Series B Preferred Stock Purchase Warrant
to be dated as of June ____, 1998.

                                    COMPANY:

ATTEST:                             TOTAL SPORTS INC.,
                                    a Delaware corporation

_________________________           By:___________________________
Name:____________________           Name:_________________________
Title:___________________           Title:________________________

(Corporate Seal)

                                       12
<PAGE>

                                 PURCHASE FORM
                                 -------------

                                                              Dated _____, 19___

     The undersigned hereby irrevocably elects to exercise the within Warrant in
order to purchase shares of Series B Preferred Stock or Common Stock (as
applicable) issuable hereunder and hereby (circle one):

     1.   makes payment of $______________ in payment of the Exercise Price
thereof;

     2.   elects to surrender the number of Warrants having a Market Price equal
to the Exercise Price.

                                   _________

                                ASSIGNMENT FORM
                                ---------------

     FOR VALUE RECEIVED, _____________________________________ hereby
sells, assigns and transfers unto

Name:________________________________________________________________
                    (please type or print in block letters)

Address:_____________________________________________________________

its rights to purchase __________ shares of Series B Preferred Stock or Common
Stock (as applicable) as represented by this Warrant and does hereby irrevocably
constitute and appoint ______________________________, Attorney, to transfer the
same on the books of the Company, with full power of substitution in the
premises.

Date _____________,19___

                              Signature_______________________________

                                       13<PAGE>

                                                                   EXHIBIT 10.16

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
APPLICABLE STATE SECURITIES LAWS, OR APPLICABLE LAWS OF ANY FOREIGN
JURISDICTION. THIS WARRANT AND SUCH UNDERLYING SECURITIES HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE
OFFERED, SOLD, PLEDGED, HYPOTHECATED, RENOUNCED OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS AND IN THE ABSENCE OF COMPLIANCE WITH
APPLICABLE LAWS OF ANY FOREIGN JURISDICTION, OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IN NOT REQUIRED AND SUCH
FOREIGN JURISDICTION LAWS HAVE BEEN SATISFIED.

                               TOTAL SPORTS INC.
                            STOCK PURCHASE WARRANT

No. W-____                                                        318,500 Shares

     1.   Number and Price of Shares Subject to Warrant.  Subject to the terms
          ---------------------------------------------
and conditions herein set forth, ALLEN & COMPANY INCORPORATED or permitted
assigns (the "Holder"), is entitled to purchase from Total Sports Inc., a
Delaware corporation (the "Company"), at any time on or before the earliest to
occur of the following:  (i) June 30, 2005, or (ii) the closing of the Company's
sale of all or substantially all of its assets or the acquisition of the Company
by another entity by means of merger or other transaction as a result of which
shareholders of the Company immediately prior to such acquisition dispose of at
least ninety percent (90%) of their voting power of the Company as a part of
such acquisition (the "Acquisition"), three hundred eighteen thousand five
hundred (318,500) Shares (which number of shares is subject to adjustment as
described below) of fully paid and nonassessable Common Stock of the Company
(the "Shares") upon surrender hereof at the principal office of the Company and,
at the election of the Holder hereof, upon either payment of the purchase price
at said office in cash or by check or by the cancellation of any present or
future indebtedness from the Company to the Holder hereof in a dollar amount
equal to the purchase price of the Common Stock for which the consideration is
being given, or by converting this Warrant as provided in Section 6.1 hereof.
The Company shall give notice to the Holder of an Acquisition at least thirty
(30) days prior to the closing of such Acquisition.  Subject to adjustment as
hereinafter provided, the exercise price for one share of Common Stock (or such
securities as may be substituted for one share of Common Stock pursuant to the
provisions hereinafter set forth) shall be equal to $7.106.  The exercise price
for one share of Common Stock (or such securities as may be substituted for one
share of Common Stock pursuant to the provisions hereinafter set forth) payable
from time to time upon the exercise of this Warrant (whether such price be the
price specified above or an adjusted price determined as hereinafter provided)
is referred to herein as the "Warrant Price."

     2.   Adjustment of Warrant Price, Number and Kind of Shares.  The Warrant
          ------------------------------------------------------
Price and the number and kind of securities issuable upon the exercise of this
Warrant shall be subject
<PAGE>

to adjustment from time to time and the Company agrees to provide notice upon
the happening of certain events as follows:

          2.1  Dividends in Stock Adjustment. In case at any time or from time
               -----------------------------
to time on or after the date hereof the holders of the Common Stock of the
Company (or any shares of stock or other securities at the time receivable upon
the exercise of this Warrant) shall have received, or, on or after the record
date fixed for the determination of eligible shareholders, shall have become
entitled to receive, without payment therefor, other or additional securities or
other property (other than cash) of the Company by way of dividend or
distribution, then and in each case, the holder of this Warrant shall, upon the
exercise hereof, be entitled to receive, in addition to the number of shares of
Common Stock receivable thereupon, and without payment of any additional
consideration therefor, the amount of such other or additional securities or
other property (other than cash) of the Company which such holder would hold on
the date of such exercise had it been the holder of record of such Common Stock
on the date hereof and had thereafter, during the period from the date hereof to
and including the date of such exercise, retained such shares and/or all other
additional securities or other property receivable by it as aforesaid during
such period, giving effect to all adjustments called for during such period by
this subsection 2.1 and subsections 2.2, 2.3, 2.4 and 2.5 of this Section 2.

          2.2  Reclassification, Reorganization and Other Adjustment. In case of
               -----------------------------------------------------
any reclassification or change of the outstanding securities of the Company or
of any reorganization of the Company (or any other corporation the stock or
securities of which are at the time receivable upon the exercise of this
Warrant) or in the event of a consolidation or merger of the Company with
another corporation, or a sale, transfer or other disposition to another
corporation of the properties and assets of the Company, which does not
constitute an Acquisition or other transaction pursuant to which the Common
Stock is automatically or mandatorily converted, retired or otherwise eliminated
(any such event, other than an Acquisition, is referred to herein as an
"Adjustment Event") on or after the date hereof, then and in each such case the
Company shall give the holder of this Warrant at least thirty (30) days notice
of the proposed effective date of such Adjustment Event, and the holder of this
Warrant, upon the exercise hereof at any time after the consummation of such
Adjustment Event, shall be entitled to receive, in lieu of the stock or other
securities and property receivable upon the exercise hereof prior to such
consummation, the stock or other securities or property to which such holder
would have been entitled upon such consummation if such holder had exercised
this Warrant immediately prior thereto, all subject to further adjustment as
provided in subsections 2.1, 2.2, 2.3, 2.4 and 2.5 of this Section 2.

          2.3  Stock Splits and Reverse Stock Splits. If at any time on or after
               -------------------------------------
the date hereof the Company shall subdivide its outstanding shares of Common
Stock into a greater number of shares, the Warrant Price in effect immediately
prior to such subdivision shall thereby be proportionately reduced and the
number of shares receivable upon exercise of this Warrant shall thereby be
proportionately increased; and, conversely, if at any time on or after the date
hereof the outstanding number of shares of Common Stock shall be combined into a
smaller number of shares, the Warrant Price in effect immediately prior to such
combination shall thereby be proportionately increased and the number of shares
receivable upon exercise of this Warrant shall thereby be proportionately
decreased.

                                       2
<PAGE>

          2.4  Common Stock Distribution.
               -------------------------

               (a)  If and whenever the Company issues or sells, or in
accordance with Section 2.5 below is deemed to have issued or sold, any shares
of Common Stock for a consideration per share less than the Warrant Price in
effect immediately prior to the time of such issue or sale, then immediately
upon such issue or sale or deemed issue or sale the Warrant Price shall be
reduced to a price determined by dividing (i) the sum of (1) the product derived
by multiplying the Warrant Price in effect immediately prior to such issue or
sale by the number of shares of Common Stock Deemed Outstanding (as defined
below) immediately prior to such issue or sale, plus (2) the consideration, if
any, received by the Corporation upon such issue or sale, by (ii) the number of
shares of Common Stock Deemed Outstanding immediately after such issue or sale.
"Common Stock Deemed Outstanding" means, at any given time, the number of shares
of Common Stock actually outstanding at such time, plus the number of shares of
Common Stock deemed to be outstanding assuming exercise and/or conversion of the
Corporation's Options and Convertible Securities (as defined below), whether or
not such Options or Convertible Securities are actually exercisable at such
time.

               (b)  Notwithstanding any provision in this Section 2, pursuant to
the closing of a Qualified Public Offering (as defined below) in which the price
per share at which shares of the Company's Common Stock are initially sold to
the public is less than the Warrant Price, then, upon the written consent of the
Holder, the Warrant Price in effect immediately prior to the closing of the
Qualified Public Offering shall be reduced to such price per share at which
shares of the Corporation's Common Stock are initially sold to the public in
such Qualified Public Offering.

               (c)  Notwithstanding any provision in this Section 2, there shall
be no adjustment to the Warrant Price hereunder with respect to (i) the issuance
or sale of up to that number of shares or options to purchase shares of the
Corporation's Capital Stock (subject to adjustment in the event of any stock
dividend, stock split, combination or other similar recapitalization) as are
specified in Section 4(E)(2)(c) of the Company's Certificate of Incorporation,
as it may be amended from time to time, at a price per share less than such
Warrant Price, to officers, directors or employees of or consultants to the
Company pursuant to plans or arrangements approved by the Company's Board of
Directors; provided that such number of shares shall be increased by the number
of shares that are subject to options outstanding on the date specified in
Section 4(E)(2)(c) of the Company's Certificate of Incorporation, as it may be
amended from time to time, or granted thereafter, that expire unexercised; (ii)
the exercise of the Company's Options outstanding as of the date hereof and
(iii) the issuance of Common Stock upon conversion of the Preferred Stock of the
Company.

          2.5  Effect on Conversion Price of Certain Events. For purposes of
               --------------------------------------------
determining the adjusted Warrant Price under Section 2.4 above, the following
shall be applicable:

               (a)  Issuance of Rights or Options.  If the Company in any manner
                    ----------------------------
     grants or sells any rights, warrants or options to subscribe for or
     purchase Common Stock or Convertible Securities (as defined below)
     ("Options") and the price per share for which Common Stock is issuable upon
     the exercise of such Options, or upon conversion or

                                       3
<PAGE>

     exchange of any stock or securities directly or indirectly convertible into
     or exchangeable for Common Stock ("Convertible Securities") issuable upon
     exercise of such Options, is less than the Warrant Price in effect
     immediately prior to the time of the granting or sale of such Options, then
     the total maximum number of shares of Common Stock issuable upon the
     exercise of such Options or upon conversion or exchange of the total
     maximum amount of such Convertible Securities issuable upon the exercise of
     such Options shall be deemed to be outstanding and to have been issued and
     sold by the Company at the time of the granting or sale of such Options for
     such price per share. For purposes of this paragraph, the "price per share
     for which Common Stock is issuable" shall be determined by dividing (A) the
     total amount, if any, received or receivable by the Company as
     consideration for the granting or sale of such Options, plus the minimum
     aggregate amount of additional consideration payable to the Company upon
     exercise of all such Options, plus in the case of such Options which relate
     to Convertible Securities, the minimum aggregate amount of additional
     consideration, if any, payable to the Company upon the issuance or sale of
     such Convertible Securities and the conversion or exchange thereof, by (B)
     the total maximum number of shares of Common Stock issuable upon the
     exercise of such Options or upon the conversion or exchange of all such
     Convertible Securities issuable upon the exercise of such Options. No
     further adjustment of the Warrant Price shall be made when Convertible
     Securities are actually issued upon the exercise of such Options or when
     Common Stock is actually issued upon the exercise of such Options or the
     conversion or exchange of such Convertible Securities.

          (b)  Issuance of Convertible Securities. If the Company in any manner
               ----------------------------------
     issues or sells any Convertible Securities and the price per share for
     which Common Stock is issuable upon conversion or exchange thereof is less
     than the Warrant Price in effect immediately prior to the time of such
     issue or sale, then the maximum number of shares of Common Stock issuable
     upon conversion or exchange of such Convertible Securities shall be deemed
     to be outstanding and to have been issued and sold by the Company at the
     time of the issuance or sale of such Convertible Securities for such price
     per share. For the purposes of this paragraph, the "price per share for
     which Common Stock is issuable" shall be determined by dividing (A) the
     total amount received or receivable by the Company as consideration for the
     issue or sale of such Convertible Securities, plus the minimum aggregate
     amount of additional consideration, if any, payable to the Company upon the
     conversion or exchange thereof, by (B) the total maximum number of shares
     of Common Stock issuable upon the conversion or exchange of all such
     Convertible Securities. No further adjustment of the Warrant Price shall be
     made when Common Stock is actually issued upon the conversion or exchange
     of such Convertible Securities, and if any such issue or sale of such
     Convertible Securities is made upon exercise of any Options for which
     adjustments of the Warrant Price had been or are to be made pursuant to
     other provisions of this Section 2, no further adjustment of the Warrant
     Price shall be made by reason of such issue or sale.

          (c)  Change in Option Price or Conversion Rate. If the purchase price
               -----------------------------------------
     provided for in any Options, the additional consideration, if any, payable
     upon the conversion or exchange of any Convertible Securities or the rate
     at which any Convertible Securities are convertible into or exchangeable
     for Common Stock is reduced at any time, the applicable Warrant Price in
     effect at the time of such change shall be

                                       4
<PAGE>

     immediately adjusted to the Warrant Price which would have been in effect
     at such time had such Options or Convertible Securities still outstanding
     provided for such changed purchase price, additional consideration or
     conversion rate, as the case may be, at the time initially granted, issued
     or sold.

               (d)  Treatment of Expired Options and Unexercised Convertible
                    --------------------------------------------------------
     Securities.  Upon the expiration of any Option or the termination of any
     ----------
     right to convert or exchange any Convertible Security without the exercise
     of any such Option or right, the Warrant Price then in effect hereunder
     shall be adjusted immediately to the Warrant Price which would have been in
     effect at the time of such expiration or termination had such Option or
     Convertible Security, to the extent outstanding immediately prior to such
     expiration or termination, never been issued.

               (e)  Calculation of Consideration Received.  If any Common Stock,
                    -------------------------------------
     Option or Convertible Security is issued or sold or deemed to have been
     issued or sold for cash, the consideration received therefor shall be
     deemed to be the amount received by the Company therefor (net of discounts,
     commissions and related expenses).  If any Common Stock, Option or
     Convertible Security is issued or sold for a consideration other than cash,
     the amount of the consideration other than cash received by the Company
     shall be the fair value of such consideration, except where such
     consideration consists of securities, in which case the amount of
     consideration received by the Company shall be the Market Price (as defined
     below) thereof as of the date of receipt.  If any Common Stock, Option or
     Convertible Security is issued to the owners of the non-surviving entity in
     connection with any merger in which the Corporation is the surviving
     corporation, the amount of consideration therefor shall be deemed to be the
     fair value of such portion of the net assets and business of the non-
     surviving entity as is attributable to such Common Stock, Option or
     Convertible Security, as the case may be.  The fair value of any
     consideration other than cash and securities shall be determined in good
     faith by the Company's Board of Directors.  "Market Price" of any security
     means the average of the closing prices of such security's sales on the
     principal securities exchanges on which such security may at the time be
     listed, or, if there has been no sales on any such exchange on any day, the
     average of the highest bid and lowest asked prices on all such exchanges at
     the end of such day, or, if on any day such security is not so listed, the
     average of the last sale prices quoted in the NASDAQ System, or if on any
     day such security is not quoted in the NASDAQ System, the average of the
     highest bid and lowest asked prices on such day in the domestic over-the-
     counter market as reported by the National Quotation Bureau, Incorporated,
     or any similar successor organization, in each such case averaged over a
     period of five days consisting of the day prior to the day as of which
     "Market Price" is being determined and the five consecutive business days
     prior to such day.

               (f)  Integrated Transactions.  In case any Option is issued in
                    -----------------------
     connection with the issue or sale of other securities of the Company,
     together comprising one integrated transaction in which no specific
     consideration is allocated to such Option by the parties thereto, the
     Option shall be deemed to have been issued for such consideration as shall
     be determined in good faith by the Company's Board of Directors.

                                       5
<PAGE>

               (g)  Treasury Shares.  The number of shares of Common Stock
                    ---------------
     outstanding at any given time shall not include shares owned or held by or
     for the account of the Company or any subsidiary, and the disposition of
     any shares so owned or held shall be considered an issue or sale of Common
     Stock.

               (h)  Record Date. If the Company takes a record of the holders of
                    -----------
     Common Stock for the purpose of entitling them (i) to receive a dividend or
     other distribution payable in Common Stock, Options or in Convertible
     Securities or (ii) to subscribe for or purchase Common Stock, Options or
     Convertible Securities, then such record date shall be deemed to be the
     date of the issuance or sale of the shares of Common Stock deemed to have
     been issued or sold upon the declaration of such dividend or upon the
     making of such other distribution or the date of the granting of such right
     of subscription or purchase, as the case may be.

               (i)  Notwithstanding anything to the contrary contained herein,
     there shall be no adjustment pursuant to this Section 2.5:

                    (i)  if prior to the issuance of Common Stock, Options or
                         Convertible Securities, the Company receives written
                         notice from the Holder of the Warrant, agreeing that no
                         such adjustment shall be made as the result of such
                         issuance; or

                    (ii) with respect to shares of Common Stock issued or
                         issuable (1) as a dividend or distribution on Preferred
                         Stock of the Company or (2) by reason of a dividend,
                         stock split, split-up or other distribution on shares
                         of Common Stock issued pursuant to this clause (ii).

          2.6  Special Reduction in Absence of Strategic Partnership. If the
               -----------------------------------------------------
Company fails to enter into a Strategic Partnership by the date twelve (12)
months after the date of this Warrant, on such date the number of shares for
which this Warrant may be exercised shall automatically be reduced by the number
of shares equal to 28.57% of the shares for which it may be exercised
immediately prior to such adjustment. For purposes of this Warrant, "Strategic
Partnership" shall mean an acquisition, investment, business combination,
merger, sale of stock or assets, joint venture, or any similar transaction,
whereby shares of the Company's stock constituting at least 15% of the total
voting power of the Company or of any existing or newly-formed subsidiaries of
the Company, are transferred to a third party, where the third party's primary
business is as an operator or manager of broadcasting, media or entertainment
assets, such as broadcast television, radio or cable television networks or
stations.

     3.   No Fractional Shares.  No fractional shares of Common Stock will be
          --------------------
issued in connection with any subscription hereunder.  In lieu of any fractional
shares that would otherwise be issuable, the Company shall pay cash equal to the
product of such fraction multiplied by the fair market value of one share of
Common Stock on the date of exercise, as determined in good faith by the
Company's Board of Directors.

                                       6
<PAGE>

     4.   No Shareholder Rights.  This Warrant as such shall not entitle its
          ---------------------
holder to any of the rights of a shareholder of the Company until the holder has
exercised this Warrant in accordance with Section 6 hereof.

     5.   Reservation of Stock.  The Company covenants that during the period
          --------------------
this Warrant is exercisable, the Company will reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance
of Common Stock upon the exercise of this Warrant.  The Company agrees that its
issuance of this Warrant shall constitute full authority to its officers who are
charged with the duty of executing stock certificates to execute and issue the
necessary certificates for shares of Common Stock upon the exercise of this
Warrant.

     6.   Exercise of Warrant.
          -------------------

          6.1  Procedure for Exercise; Closing. This Warrant may be exercised,
               -------------------------------
in whole or in part, by Holder by the surrender of this Warrant at the principal
office of the Company, accompanied by payment in full of the exercise price of
the shares purchased thereby or accompanied by a duly completed notice of the
Holder of its intent to convert this Warrant (or any portion thereof) as
provided below. The exercise price shall be payable, at the option of the
Holder, (i) by certified or bank check, or (ii) by cancellation of indebtedness
owed by the Company to the Holder in an amount equal to the exercise price. In
lieu of exercise of any portion of this Warrant as provided by items (i) and
(ii) above, this Warrant (or any portion thereof) may, at the election of the
Holder, be converted into the nearest whole number of Shares equal to: (1) the
product of (a) the number of Shares then issuable upon the exercise of the
portion of the Warrant being converted and (b) the excess, if any, of (I) the
Market Price with respect to the date of conversion over (II) the Warrant Price
in effect on the date of conversion, divided by (2) the Market Price with
respect to the date of conversion. This Warrant shall be deemed to have been
exercised (or converted, as the case may be) immediately prior to the close of
business on the date of its surrender for exercise as provided above, and the
person or entity entitled to receive the shares or other securities issuable
upon such exercise or conversion shall be treated for all purposes as the holder
of such shares of record as of the close of business on such date. As promptly
as practicable, the Company shall issue and deliver to the person or entity
entitled to receive the same a certificate or certificates for the number of
full shares of Common Stock issuable upon such exercise or conversion, together
with cash in lieu of any fraction of a share as provided above. The shares of
Common Stock issuable upon exercise or conversion hereof shall, upon their
issuance, be fully paid and nonassessable. Unless this Warrant has expired or
been exercised (and/or converted) in full, a notation on this Warrant stating
the number of shares exercised shall be made by the Company and this Warrant
shall then be returned to the Holder within five business days.

          6.2  Determination of Appraised Market Value for Conversion of
               ---------------------------------------------------------
Warrant.  If at any time the shares of Common Stock are not publicly traded, the
-------
Market Price shall mean the "Appraised Market Value;" provided, however, that
the Market Price for a share of Common Stock sold pursuant to a public offering
by the Company shall be deemed to be the price received by the Company for such
share.  The "Appraised Market Value" shall mean the market value of the Common
Stock as agreed by the Company and the Holder hereof or, if the Company and the
Holder cannot agree, as determined by a valuation by an investment banking
company suitable to

                                       7
<PAGE>

the Company and the Holder. In the event the parties cannot agree on an
investment banking company to perform the valuation described above, the Company
and the Holder shall each select an investment banking company and the two
investment banking companies so selected shall select a third investment banking
company that shall determine the market value. In determining the Appraised
Market Value of the Common Stock, no discount shall be applied because the
shares held by the Holder (i) have not been registered under the Securities Act,
or (ii) represent a minority interest in the Company. The fees and expenses of
the investment banking companies shall be borne by the Company.

     7.   Certificate of Adjustment.  Whenever the Warrant Price or number or
          -------------------------
type of securities issuable upon exercise of this Warrant is adjusted, as herein
provided, the Company shall promptly deliver to the record holder of this
Warrant a certificate of an officer of the Company setting forth the nature of
such adjustment and a brief statement of the facts requiring such adjustment.

     8.   Notice of Proposed Transfers.  Prior to any proposed transfer of this
          ----------------------------
Warrant, the shares of Common Stock received on the exercise or conversion of
this Warrant (the "Securities"), unless there is in effect a registration
statement under the Securities Act of 1933, as amended (the "Securities Act"),
covering the proposed transfer, the Holder thereof shall give written notice to
the Company of such Holder's intention to effect such transfer.  Each such
notice shall describe the manner and circumstances of the proposed transfer in
sufficient detail, and shall, if the Company so requests, be accompanied (except
in transactions in compliance with Rule 144) by either (i) an unqualified
written opinion of legal counsel who shall be reasonably satisfactory to the
Company addressed to the Company and reasonably satisfactory in form and
substance to the Company's counsel, to the effect that the proposed transfer of
the Securities may be effected without registration under the Securities Act, or
(ii) a "no action" letter from the Securities Exchange Commission (the
"Commission") to the effect that the transfer of such Securities without
registration will not result in a recommendation by the staff of the Commission
that action be taken with respect thereto, whereupon the Holder of the
Securities shall be entitled to transfer the Securities in accordance with the
terms of the notice delivered by the Holder to the Company; provided, however,
                                                            -----------------
no such registration statement or opinion of counsel shall be necessary for a
transfer by a Holder to any affiliate of such Holder, or a transfer by a Holder
which is a partnership to a partner of such partnership or a retired partner of
such partnership who retires after the date hereof, or to the estate of any such
partner or retired partner or the transfer by gift, will or intestate succession
of any partner to his spouse or lineal descendants or ancestors, if the
transferee agrees in writing to be subject to the terms hereof to the same
extent as if such transferee were the original Holder hereunder.  Each
certificate evidencing the Securities transferred as above provided shall bear
the appropriate restrictive legend set forth above, except that such certificate
shall not bear such restrictive legend if in the opinion of counsel for the
Company such legend is not required in order to establish compliance with any
provisions of the Securities Act.

     9.   Replacement of Warrants.  Upon receipt by the Company of evidence
          -----------------------
reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of the Warrant, and in the case of any such loss, theft or
destruction of the Warrant, on delivery of an indemnity agreement or security
reasonably satisfactory in form and amount to the Company, and reimbursement to
the Company of all reasonable expenses incidental thereto, and upon surrender
and cancellation

                                       8
<PAGE>

of the Warrant if mutilated, the Company will execute and deliver, in lieu
thereof, a new Warrant of like tenor.

     10.  Registration Rights.  The Company agrees to extend to the Shares
          -------------------
certain registration rights on the same terms and conditions as such rights
shall be extended to purchasers of the Company's shares of Series C Preferred
Stock and, to that end, the Company shall ensure that the definition of
"Registrable Securities" included in such agreement between the Company and the
holders of its Series C Preferred Stock providing for such registration rights
shall include the Shares.

     11.  Miscellaneous.  This Warrant shall be governed by the laws of the
          -------------
State of North Carolina.  The headings in this Warrant are for purposes of
convenience of reference only, and shall not be deemed to constitute a part
hereof.  The invalidity or unenforceability of any provision hereof shall in no
way affect the validity or enforceability of any other provisions.  All notices
and other communications from the Company to the holder of this Warrant shall be
delivered personally or mailed by first class mail, postage prepaid, to the
address furnished to the Company in writing by the last holder of this Warrant
who shall have furnished an address to the Company in writing, and if mailed
shall be deemed given three days after deposit in the U.S. Mail.

     12.  Taxes.  The Company shall pay all taxes and other governmental charges
          -----
that may be imposed in respect of the issuance or delivery of the Shares or any
portion thereof.

     13.  Amendment.  Any term of this Warrant may be amended with the written
          ---------
consent of the Company and the warrant holder.  Any amendment effected in
accordance with this Section 13 shall be binding upon the Holder of this
Warrant, each future holder of such Warrant, and the Company.

     ISSUED this 22/nd/ day of September 1998.

                                        TOTAL SPORTS INC.
                                        a Delaware corporation

                                        By:_________________________________
                                        Title:______________________________

                                       9

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