
<PAGE>   1
                                                                      Exhibit 10


                        [BULL RUN CORPORATION LETTERHEAD]




                                December 3, 1999

VIA FACSIMILE

BancBoston Robertson Stephens, Inc.
Suite 2600
555 California Street
San Francisco, California  94104
Attention:  Mr. Joseph A. Pellegrini, Principal

         Re:      Proposed Acquisition of Rawlings Sporting Goods Company, Inc.

Dear Sir:

         Since the time that Bull Run Corporation ("Bull Run") made its October
4, 1999 offer to acquire Rawlings Sporting Goods Company, Inc. ("Rawlings"),
Bull Run has proceeded with its due diligence investigation and has been
negotiating with its financing sources concerning the proposed structure of the
transaction. Based on such due diligence investigation and discussions with
financing sources, Bull Run has determined that Rawlings will not be able to
realize the cost savings originally anticipated to support either Bull Run's
original proposal set forth in its letter dated October 4, 1999 or its
subsequent proposal to purchase up to 5,000,000 shares of Rawlings common stock
at $13.25 per share. However, Bull Run is pleased to submit this revised offer
by a corporation to be formed by Bull Run ("Purchaser") to acquire all of the
issued and outstanding shares of common stock (including stock options and other
common stock equivalents) of Rawlings (the "Stock"), except those shares of
common stock owned by Bull Run.

         CONSIDERATION

         Purchaser and Rawlings will jointly make a tender offer to purchase
from each Rawlings stockholder (and each holder of stock options, and other
common stock equivalents) 100% of such Rawlings stockholder's Stock at $10.00
per share, payable in cash, except those shares of common stock owned by Bull
Run.

         STRUCTURE

         To enable Purchaser to obtain the benefits of recapitalization
accounting treatment for the proposed transaction, the acquisition of Rawlings
will be structured as a joint tender offer, where Purchaser and Rawlings will
jointly make a tender offer to purchase 100% of each Rawlings stockholder's
Stock, except those shares of common stock owned by Bull Run. In the tender
offer, Purchaser will purchase as many of the shares of Stock that it can
finance using proceeds from equity investments from Bull Run,
[__________________](1), [__________________](1) and [__________________](1)
(the "Equity Investors"). Rawlings will purchase the remaining shares of Stock
(as well as stock options and other common stock equivalents) with proceeds from
debt financing to be provided by [__________________](2)
("[__________________](2)"), and royalties to be paid by [__________________](1)
under a Licensing Agreement among [__________________](1) and Rawlings pursuant
to which [__________________](1) will be granted an exclusive license on certain
trademarks held by Rawlings for use on apparel.




--------
(1) The name of each of the equity financing sources has been redacted to
    maintain its confidentiality.
(2) The name of the debt financing source has been redacted to maintain its
    confidentiality.

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BancBoston Robertson Stephens, Inc.
December 3, 1999
Page 2


         FINANCING

         The transaction will be financed through (1) private equity
investments, (2) senior and mezzanine debt financing and (3) pre-paid royalties
to be paid by [__________________](1) to Rawlings. We have received commitments
from the Equity Investors for an aggregate of up to $45 million, a portion of
which will be allocated as pre-paid royalties from [__________________](1) to
Rawlings, as described in [__________________]'s(1) commitment letter attached
hereto on EXHIBIT A. In addition, on Monday, December 6, 1999, we anticipate
receiving a commitment from [__________________](2) for up to $105 million of
debt financing. We believe that the commitments from the Equity Investors,
together with the commitment from [__________________](2), are sufficient to
consummate the proposed acquisition under the structure described above. The
commitments from each of the Equity Investors are attached hereto on EXHIBIT A.
Upon our receipt of the [__________________](2) commitment, we will promptly
forward to you a copy of the commitment.


         CORPORATE, REGULATORY AND OTHER APPROVALS; TIMING

         Other than the conditions set forth in each of the equity and debt
commitments, we are aware of no corporate, regulatory or other approvals that
are not contemplated in the Agreement and Plan of Recapitalization, such as
filing the Pre-Merger Notification and Report Form and expiration of the
applicable waiting period required by the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, and obtaining any necessary consents from
parties to Rawlings' contracts. We intend to consummate this acquisition as
quickly as possible.


         MANAGEMENT AND EMPLOYEES OF RAWLINGS

         We are still formulating our plans with respect to Rawlings' management
and employees. However, we plan to appoint a new Chief Executive Officer and we
will evaluate each member of senior management and each employee on an
individual basis. We will advise you promptly following the development of our
plans for Rawlings' management and employees.


         AGREEMENT AND PLAN OF RECAPITALIZATION

         Under the proposed acquisition structure, we will offer to purchase
from each Rawlings stockholder (and each holder of stock options and other
common stock equivalents) 100% of such Rawlings stockholder's Stock at $10.00
per share, payable in cash, except those shares of common stock owned by Bull
Run. Accordingly, we anticipate that Section 2.3, Limitations on Certain Action,
of the latest draft of the Agreement and Plan of Recapitalization dated November
18, 1999 will be deleted as the protections that Section 2.3 were designed to
ensure will no longer be required for a privately held company. With the removal
of this Section 2.3, together with revisions to the Agreement to reflect a
merger of Purchaser into Rawlings following the tender offer, we believe that
substantially all of the material terms of the Agreement have been agreed upon
and that the Agreement can be executed promptly.



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BancBoston Robertson Stephens, Inc.
December 3, 1999
Page 3


         We are very excited about the possibility of joining forces with
Rawlings, its management and its employees. I look forward to the opportunity to
speak with you about our proposal in greater detail.


                                         Sincerely yours,
                                         Bull Run Corporation



                                         /s/ Robert S. Prather, Jr.
                                         ---------------------------------------
                                         Robert S. Prather, Jr.
                                         President and CEO


cc:      Mr. Frederick J. Erickson
         Mr. Stephen W. Powell
         Mr. Stephen A. Opler



