
<PAGE>   1
                                                                      Exhibit 12



                        [BULL RUN CORPORATION LETTERHEAD]





                                December 15, 1999


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:

         We understand through our advisors, Prudential Securities Incorporated
and Alston & Bird LLP, that they have been informed by you and Mr. Easton of
Skadden Arps that the Finance Committee of the Board of Directors of Rawlings
Sporting Goods Company, Inc. ("Rawlings") met today and determined to
discontinue its discussions with Bull Run in favor of adopting and supporting
Rawlings' management's three year plan. We understand that the Finance
Committee's rationale is that Bull Run had not yet presented a fully financed
proposal that would allow each shareholder of Rawlings who so desired to sell
his, her or its stock at $10 per share.

         I am enclosing for your review a letter from each of
[__________________](1) and [__________________](1) confirming that neither will
participate in the proposed tender offer. Accordingly, our equity and debt
financing is now 100% in place and more than sufficient to consummate our
proposed acquisition. As you are aware from the package of information faxed to
you last night, we have secured $100 million of debt financing as well as $41
million of equity financing ($16 million from Bull Run and $12.5 million from
each of [__________________](2) and [__________________](2)) and $14.4 million
of equity value in shares that are committed to not tendering
([__________________](1) and [__________________](1)). As a result, we have
raised approximately $4.4 million in excess of the financing required to
consummate our proposed acquisition, allowing all shareholders of Rawlings who
so desire to sell their Rawlings shares at $10 per share.

         Another concern of the Finance Committee that has been identified to us
generally is the removal of the going concern qualification from Arthur
Andersen's audit opinion as filed with Rawlings 10-K. Based on our due diligence
on this subject, we believe that Arthur Andersen will not remove this
qualification until the funding of the GE Capital loan, regardless of whether or
not a transaction with Bull Run (or anyone else) is pending.

         We understand from a conversation that Rich Easton had with Stephen
Opler of Alston & Bird LLP around 11:00 a.m. this morning that Rich, and perhaps



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


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BancBoston Robertson Stephens, Inc.
December 15, 1999
Page 2


the Finance Committee, has concerns about some of the terms of the
[__________________](3) Financing Commitment included in our proposal of
yesterday. We have communicated these comments to [__________________](3) and
anticipate that most, if not all, of the comments can be favorably resolved very
promptly.

         As you are aware, Bull Run has dedicated extraordinary efforts,
including more than 4 months of time and over $1 million in expenses, in a
singular purpose to maximize value for all shareholders and to secure the
long-term competitive position of Rawlings. As one of Rawlings' largest
shareholders, we are concerned that while we have attempted to structure such a
value maximizing transaction on a cooperative basis with the Finance Committee
and its advisors, we believe that the process has been unnecessarily adversarial
and, as a result, we fear that our proposed transaction may not have been
adequately considered.

         Prudential Securities Incorporated, our investment banking advisors,
has assured us that our offer is fair from a financial perspective and we expect
that Rawlings' financial advisors, BancBoston Robertson Stephens, Inc., has come
to the same conclusion. We have been unflinching in our pursuit of the highest
and best value for all shareholders despite many challenges imposed by Rawlings
throughout the process. We have expended great sums of time and money to run the
most thorough and most professional process possible. In fact, it is the level
of our due diligence and that of our financing sources and partners that give us
absolute comfort that the transaction will close as promptly as allowed by law.

         We are confident that this fully-financed transaction will be
consummated timely and that it is the only way for Rawlings' shareholders to
obtain the maximum value for their shares in either the short term or the long
term. Rawlings shareholders should have the opportunity to accept or reject the
proposal by their response to the tender offer. All of the information that we
have available to us leads us to believe that the holders of a substantial
majority of Rawlings' shares would tender their shares for $10 per share in
cash.

         We would expect the opportunity to discuss this with you directly and
completely. Certainly, we also would expect that you will not make any public
announcement regarding this matter that would require us to amend Bull Run's
Schedule 13D, without first meeting with us. We hope that we can work together,
cooperatively, to achieve this opportunity for all Rawlings shareholders.


                                       Sincerely yours,
                                       Bull Run Corporation


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


cc:      Mr. Stephen W. Powell
         Mr. John L. Latham
         Mr. Stephen A. Opler

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(3) The name of the debt financing source has been redacted to maintain its
    confidentiality.
