
<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13D
                                 (RULE 13D-101)

    INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13D-1(A)
             AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13D-2(A)
                               (AMENDMENT NO. 5)(1)

                      RAWLINGS SPORTING GOODS COMPANY, INC.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                     COMMON STOCK, PAR VALUE $0.01 PER SHARE
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    754459105
                                  ------------
                                 (CUSIP Number)

                             ROBERT S. PRATHER, JR.
                      PRESIDENT AND CHIEF EXECUTIVE OFFICER
                              BULL RUN CORPORATION
                               4370 PEACHTREE ROAD
                             ATLANTA, GEORGIA 30319
                                 (404) 266-8333
--------------------------------------------------------------------------------
      (Name, Address and Telephone Number of Person Authorized to Receive
                          Notices and Communications)

                                 with a copy to:
                                STEPHEN A. OPLER
                                ALSTON & BIRD LLP
                        1201 WEST PEACHTREE STREET, N.W.
                           ATLANTA, GEORGIA 30309-3424
                                 (404) 881-7693

                                JANUARY 13, 2000
              -----------------------------------------------------
             (Date of Event which Requires Filing of this Statement)

         If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box. [ ]

         NOTE: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for
other parties to whom copies are to be sent.

                         (continued on following pages)


-----------------
         (1) The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.

         The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

<PAGE>   2



                             SCHEDULE 13D
----------------------                           ------------------------------
CUSIP NO. 754459105                                        PAGE 2 OF 17 PAGES
-------------------------------------------------------------------------------
   1  NAME OF REPORTING PERSON
               BULL RUN CORPORATION

      I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)   91-1117599
--------------------------------------------------------------------------------
   2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP              (A)   [ ]
                                                                    (B)   [ ]

--------------------------------------------------------------------------------
   3  SEC USE ONLY


--------------------------------------------------------------------------------
   4  SOURCE OF FUNDS
               BK

--------------------------------------------------------------------------------
   5  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
      ITEM 2(D) OR 2(E)                                                    [ ]

--------------------------------------------------------------------------------
   6  CITIZENSHIP OR PLACE OF ORGANIZATION

        Georgia

--------------------------------------------------------------------------------
                 7       SOLE VOTING POWER
NUMBER                          806,500
 OF
SHARES           -------------------------------------------------------------
BENEFICIALLY     8       SHARED VOTING POWER
OWNED BY                           0
 EACH
REPORTING        -------------------------------------------------------------
PERSON           9       SOLE DISPOSITIVE POWER
 WITH                             806,500

                 -------------------------------------------------------------
                 10      SHARED DISPOSITIVE POWER
                                   0

-------------------------------------------------------------------------------
  11  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
        806,500
-------------------------------------------------------------------------------
  12  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      [X]  (SEE ITEM 5)

-------------------------------------------------------------------------------
  13  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
        10.2%

-------------------------------------------------------------------------------
  14  TYPE OF REPORTING PERSON
        CO

-------------------------------------------------------------------------------


                                  Page 2 of 17
<PAGE>   3


         This Amendment No. 5 to the Statement on Schedule 13D amends and
supplements the Statement on Schedule 13D, as amended by Amendment No. 1,
Amendment No. 2, Amendment No. 3 and Amendment No. 4 thereto (collectively, the
"Schedule 13D") filed by Bull Run Corporation ("Bull Run") relating to the
common stock (the "Common Stock") of Rawlings Sporting Goods Company, Inc. (the
"Company" or "Rawlings"). The address of the Company is 1859 Intertech Drive,
Fenton, MO 63026. Capitalized terms used herein and not defined herein shall
have the meanings assigned thereto in the Schedule 13D.

ITEM 4.  PURPOSE OF TRANSACTION

         In its press release of May 28, 1999, the Company announced that it
would be exploring strategic financial alternatives as part of its three-year
plan process and had engaged BancBoston Robertson Stephens Inc. ("Robertson
Stephens") as its exclusive investment banker and financial advisor to provide
assistance and advice in such matters. As reported in Amendment No. 3 to the
Schedule 13D, Amendment Number One to Standstill Agreement, dated as of April
23, 1999, between Bull Run and the Company ("Amendment Number One") affords Bull
Run the right to participate on the same basis as any other person in any Board
of Directors initiated process to explore strategic alternatives that could
reasonably be expected to lead to a change in control of the Company or if the
Board should determine to enter into any agreement with any other person
regarding a change in control of the Company. As reported on Amendment No. 3 to
the Schedule 13D, Bull Run's intention following the Company's announcement was
to participate in any Board initiated process to the extent allowed by Amendment
Number One.

         In connection with Bull Run's anticipated participation in the Rawlings
Board of Directors' initiated process to explore strategic alternatives, on
August 6, 1999 Bull Run entered into a Confidentiality Agreement letter with
Rawlings (the "Confidentiality Agreement") providing, among other things, that
Bull Run would maintain the confidential nature of information disclosed to Bull
Run in the due diligence process. In addition, the Confidentiality Agreement
restricted Bull Run for one year from the date of the Confidentiality Agreement
from (i) acquiring any voting securities or assets of Rawlings or any of its
subsidiaries, (ii) soliciting proxies to vote any securities of Rawlings; (iii)
making any public announcement with respect to, or submitting a proposal for, or
offer of any extraordinary transaction involving Rawlings or its securities or
assets, (iv) forming or joining in any group (as defined in the Securities
Exchange Act of 1934, as amended) in connection with any of the foregoing, or
(v) requesting any amendment or waiver of any of these provisions. A copy of the
Confidentiality Agreement is filed as Exhibit 1 to this Amendment No. 5 to the
Schedule 13D.

         Following Bull Run's execution of the Confidentiality Agreement,
Rawlings provided Bull Run with the Confidential Descriptive Memorandum dated
August 1999, containing information regarding Rawlings' business operations and
historical and forecast results of operations.

         On August 10, 1999, Robertson Stephens sent Bull Run a letter
requesting that Bull Run submit a written, non-binding indication of interest to
Robertson Stephens


                                  Page 3 of 17
<PAGE>   4

regarding the potential sale or recapitalization transaction with the Company
(the "Initial Request Letter"). A copy of the Initial Request Letter is filed as
Exhibit 2 to this Amendment No. 5 to the Schedule 13D. The Initial Request
Letter stated, among other things, that "Rawlings is exploring a possible sale
or recapitalization transaction. Rawlings seeks to maximize the value realized
for the Company, and looks forward to completing the transaction in a timely
manner."

         In response to the Initial Request Letter and based on Bull Run's
review of the Confidential Descriptive Memorandum, on August 24, 1999 Bull Run
sent to Rawlings in care of Robertson Stephens a preliminary indication of
interest in acquiring Rawlings (the "Preliminary Indication of Interest"). A
copy of the Preliminary Indication of Interest is filed as Exhibit 3 to this
Amendment No. 5 to the Schedule 13D. The Preliminary Indication of Interest
proposed a purchase by Bull Run of the issued and outstanding capital stock of
Rawlings for a price in the range of $12.00 per share to $16.00 per share,
subject to certain conditions, including without limitation, due diligence.

         After submitting the Preliminary Indication of Interest, Robertson
Stephens invited Bull Run and its advisors and prospective debt and equity
financing sources to conduct a due diligence investigation of Rawlings. On
September 7 and 8, 1999, Bull Run, its advisors, Prudential Securities
Incorporated ("Prudential") and Alston & Bird LLP ("A&B"), and certain potential
financing sources initiated the due diligence investigation with a review of
selected confidential information provided by Rawlings and meetings with
Rawlings' senior management. Thereafter, Bull Run continued its due diligence
investigation with a review of additional requested information supplied by
Rawlings and its advisors.

         On September 17, 1999, Robertson Stephens sent to Prudential, Bull
Run's financial advisor, a letter outlining the procedures and timeline
anticipated with respect to the submission of final, binding offers to acquire
Rawlings (the "Definitive Offer Procedures Letter"). A copy of the Definitive
Offer Procedures Letter is filed as Exhibit 4 to this Amendment No. 5 to the
Schedule 13D. The Definitive Offer Procedures Letter also included the form of
transaction agreement that Rawlings and Robertson Stephens were "asking all
prospective bidders to mark-up to show any proposed modifications or additional
terms and conditions they suggest or require as part of their definitive
proposal." The Definitive Offer Procedures Letter required the complete final,
binding offer to be sent to Robertson Stephens no later than 5:00 p.m. San
Francisco time, on Monday, October 4, 1999.

         In response to the Definitive Offer Procedures Letter and based on its
initial due diligence investigation, on October 4, 1999, Bull Run submitted an
offer (the "October 4 Offer") to the Company's Board of Directors to offer each
of the Company's stockholders (and each holder of stock options and other Common
Stock equivalents) the option of accepting either of the following two
alternatives: (i) $12.25 per share payable in cash for 100% of each of the
Company's stockholder's Common Stock or (ii) $13.00 per share payable in cash
for up to 92% of each of the Company's stockholder's Common Stock, with each
stockholder retaining 8% or more of his, her or its Common Stock. A copy of the
October 4 Offer is filed as Exhibit 5 to this Amendment No. 5 to the Schedule
13D.


                                  Page 4 of 17
<PAGE>   5

Bull Run's rationale for structuring the October 4 Offer with two options
was, in part, based upon Bull Run's intention to preserve Rawlings as a public
company.

         The October 4 Offer described the equity and debt financing proposals
that Bull Run had obtained to finance the acquisition, to refinance all of the
existing indebtedness of Rawlings and to fund Rawlings' future capital
requirements. Bull Run's October 4 Offer was expressly conditioned on, among
other matters, the completion of Bull Run's due diligence review to confirm (i)
the accuracy of the representations and warranties of Rawlings made in the
revised purchase agreement, (ii) the contents of the Disclosure Schedules under
the revised purchase agreement and (iii) other key business items. The October 4
Offer also was expressly conditioned on the receipt of third-party financing,
which Bull Run expected would include certain Rawlings stockholders not
tendering their shares of Rawlings. Bull Run had expected that certain major
institutional stockholders owning, managing or otherwise speaking for
approximately 1.6 million shares of Rawlings Common Stock would agree to retain
their stock and not to tender in the transaction.

         On October 7, 1999, Bull Run's financial advisor, Prudential, sent a
letter to Robertson Stephens in response to certain questions raised by
Robertson Stephens with respect to the October 4 Offer (the "October 7 Letter").
A copy of the October 7 Letter is filed as Exhibit 6 to this Amendment No. 5 to
the Schedule 13D.

         On October 13, 1999, based on telephone conversations between Bull
Run's legal counsel, A&B, and Rawlings' Finance Committee's legal counsel,
Skadden, Arps, Slate, Meagher & Flom, LLP ("Skadden"), A&B sent to Skadden a
revised version of the form of definitive merger agreement, marked to show the
acceptance of most of Skadden's responses to A&B's original comments included
with the October 4 Offer.

         On October 14, 1999, after a meeting of the Finance Committee,
representatives of Robertson Stephens and Skadden contacted Bull Run and its
advisors to discuss the October 4 Offer. During this discussion, as requested by
Robertson Stephens and Skadden on behalf of the Finance Committee, Bull Run
orally agreed to increase the purchase price by $0.25 per share, agreeing to pay
(i) $12.50 per share payable in cash for 100% of each of the Company's
stockholder's Common Stock or (ii) $13.25 per share payable in cash for up to
92% of each of the Company's stockholder's Common Stock with each stockholder
retaining 8% or more of his, her or its Common Stock; subject to the execution
of an agreement providing a period of exclusivity for Bull Run to complete its
due diligence investigation.

         On October 25, 1999, Bull Run and Rawlings entered into a letter
agreement (the "Exclusivity Letter") providing a period of exclusivity in which
Bull Run and its financing sources would be allowed to complete their due
diligence review. A copy of the Exclusivity Letter is filed as Exhibit 7 to this
Amendment No. 5 to the Schedule 13D. The Exclusivity Letter provided that the
period of exclusivity (the "Exclusivity Period") would end on the fifteenth day
after the date on which Bull Run and its potential financing sources had
received all or substantially all the due diligence materials pertaining to
Rawlings that they had requested in connection with their due diligence
investigation of


                                  Page 5 of 17
<PAGE>   6


Rawlings. Bull Run was obligated to acknowledge in writing when the Exclusivity
Period began and ended in accordance with the foregoing.

         Pursuant to an October 29, 1999 letter from A&B to Skadden, based on a
significant portion of the requested due diligence materials having been
provided to Bull Run, the Exclusivity Period began on Saturday, October 30, 1999
at 5:00 p.m. (EST) and ended on Sunday, November 14, 1999 at 5:00 p.m. (EST). A
copy of such October 29, 1999 letter is filed as Exhibit 8 to this Amendment No.
5 to the Schedule 13D. On November 17, 1999, pursuant to a letter from Rawlings
to Bull Run, the Exclusivity Period was extended until 5:00 p.m., CST, on
Friday, December 3, 1999. A copy of such November 17, 1999 letter is filed as
Exhibit 9 to this Amendment No. 5 to the Schedule 13D.

         During the Exclusivity Period, Rawlings and its financial and legal
advisors expressed concerns regarding Bull Run's proposed tender offer
containing two tender alternatives. As a result of these concerns and numerous
discussions and negotiations that took place among Rawlings, Bull Run and their
respective financial and legal advisors, Bull Run amended the October 4 Offer.
The amended transaction structure provided for a tender for a maximum of
5,000,000 shares of Common Stock at a price of $13.25 per share, payable in
cash.

         As a result of Bull Run's continuing due diligence investigation of
Rawlings and based on discussions with Robertson Stephens and Skadden, on
December 3, 1999 Bull Run again amended the October 4 Offer by offering to
purchase all of the outstanding shares of Common Stock not owned by Bull Run
(approximately 7.1 million shares) at $10.00 per share, payable in cash (the
"December 3 Offer"). A copy of the December 3 Offer is filed as Exhibit 10 to
this Amendment No. 5 to the Schedule 13D. The December 3 Offer identified
financing commitments that Bull Run had received for an aggregate of up to $45
Million and that Bull Run anticipated receiving a debt financing commitment to
finance the tender offer, refinance existing debt and fund estimated future
capital requirements.

         On December 7, 1999, at the request of the Finance Committee, Bull Run,
Prudential and A&B participated in a telephonic Finance Committee meeting in
which Prudential, on behalf of Bull Run, presented to the Finance Committee the
results of Bull Run's due diligence investigation and the basis and rationale
for Bull Run's December 3 Offer. Bull Run, Prudential and A&B were available for
questions from the Finance Committee.

         On December 8, 1999, Mr. Richard Easton of Skadden spoke with A&B on
the telephone, in which conversation Mr. Easton informed A&B that Bull Run's
December 3 Offer was not a proposal that the Finance Committee could accept or
reject. Later on December 8, 1999, Robertson Stephens, Prudential, Skadden, A&B
and Bull Run held a telephone conference call, during which Mr. Easton of
Skadden stated that the Finance Committee had determined that Rawlings must
proceed with the refinancing of its existing bank financing. Further, Mr. Easton
stated that the two alternatives were Rawlings' management's three-year plan and
Bull Run's December 3 Offer. Mr. Easton stated


                                  Page 6 of 17

<PAGE>   7

further that the parties were pretty close to a final agreement with respect to
the definitive Merger Agreement and that the only issue of a substantive nature
was how to deal with Rawlings' existing stock options since at $10 per share a
large number of options were "under water."

         On December 14, 1999, Mr. Easton of Skadden spoke with A&B by telephone
and informed them that the Finance Committee had tentatively scheduled a
telephonic committee meeting for the afternoon of December 15, 1999.

         On December 14, 1999, Mr. Robert S. Prather, Jr., President and Chief
Executive Officer of Bull Run, sent a letter to Robertson Stephens, as financial
advisor to Rawlings (the "December 14 Letter"). A copy of the December 14 Letter
is filed as Exhibit 11 to this Amendment No. 5 to the Schedule 13D. In the
December 14 Letter, Bull Run indicated that it was in the process of confirming
the terms of the final amount of capital required to consummate the transaction
and that Bull Run expected to provide the final required financing commitment by
Tuesday, December 21, 1999. The December 14 Letter included a proposed debt
financing commitment of up to $100 million to finance the consummation of the
proposed acquisition of Rawlings' Common Stock, to refinance all of Rawlings'
existing debt and to fund the continuing operations of Rawlings.

         On December 15, 1999, Bull Run's legal counsel, A&B, was contacted by
Mr. Easton of Skadden, who communicated certain concerns regarding Bull Run's
December 3 Offer, including concerns relating to the debt financing commitment
attached as an Exhibit to the December 14 Letter. Later on December 15, 1999,
prior to Mr. Easton joining the telephonic Finance Committee meeting, he spoke
with Mr. Stephen Opler of A&B who informed Mr. Easton that Bull Run had obtained
a letter from an existing Rawlings stockholder stating that it spoke for 550,000
shares and expressing its current intention to not tender those shares based on
certain assumptions. Mr. Opler also informed Mr. Easton that a similar letter
was being prepared and sent to Bull Run from another Rawlings stockholder owning
or controlling over 890,000 shares. Mr. Opler suggested that he send to Mr.
Easton by facsimile a copy of the first letter, but Mr. Easton stated that Mr.
Opler and Bull Run should reconsider whether it was in the best interests of
that stockholder for Mr. Opler to send the letter to Mr. Easton. The letter was
not sent to Mr. Easton at that time.

         On the afternoon of December 15, 1999, Rawlings' advisors, Robertson
Stephens and Mr. Easton of Skadden, telephoned Bull Run's advisors, Prudential
and A&B, respectively, to inform Bull Run through its advisors that the Finance
Committee had decided, by unanimous vote, to discontinue its discussions with
Bull Run and to recommend to Rawlings' Board of Directors that Rawlings'
management's three-year plan be adopted.

         In response to the concerns articulated by Robertson Stephens and Mr.
Easton of Skadden regarding the December 3 Offer and the December 14 Letter, on
December 15, 1999 Bull Run submitted a supplementary letter (the "December 15
Letter") enclosing letters from two existing Rawlings stockholders, owning,
controlling or otherwise speaking for an aggregate of approximately 1.4 million
shares, expressing their current


                                  Page 7 of 17
<PAGE>   8
intention not to tender such shares in Bull Run's proposed transaction. A copy
of the December 15 Letter is filed as Exhibit 12 to this Amendment No. 5 to the
Schedule 13D. One of those Rawlings stockholders stated that it spoke for a
total of 550,000 shares and that its letter was based on a tender offer being
made within the next thirty days at a price between $9.00 and $12.00 per share.
Further, this stockholder's letter stated that "[h]owever, should an outside
event occur that would present an adverse material effect on the market, total
control of my position might not be possible." Public filings indicated that the
second Rawlings stockholder held beneficial ownership of approximately 890,000
shares. The second Rawlings stockholder's letter stated that "[a]s a significant
shareholder in other companies that have received tender offers, we have chosen
not to tender when we believed that retention of our position was in the best
interests of our clients. At this time, if a $10.00 offer were made for Rawlings
Sporting Goods Company, Inc., it is our present opinion that it would not be in
the best interests of our clients to accept such tender offer."

         On December 16, 1999, Rawlings issued a press release that stated that
"the Finance Committee of [Rawlings'] Board of Directors, consisting of five
independent directors, has completed its five and one-half month review of
strategic alternatives and has unanimously determined to recommend that the
Board adopt management's three-year plan." On December 17, 1999, based on input
Bull Run and its advisors received from Robertson Stephens and Skadden, Bull Run
submitted to each member of the Finance Committee, Robertson Stephens and
Skadden revised and supplemental documentation with respect to Bull Run's
previously submitted December 3 Offer to acquire all of the outstanding capital
stock of the Company, excluding shares held by Bull Run and two other existing
stockholders. The documentation provided to the Finance Committee was intended
to be responsive to the comments made by Rawlings' advisors, both before and
after the December 16 press release by Rawlings, and included evidence of
commitments to provide financing in sufficient amount to consummate the
contemplated transaction. A copy of Bull Run's December 17, 1999 letter is filed
as Exhibit 13 to this Amendment No. 5 to the Schedule 13D.

         On December 20, 1999, Bull Run sent a letter to the Finance Committee
of Rawlings' Board of Directors to confirm that each member of the Finance
Committee received a copy of the December 17, 1999 letter and the attached
materials as well as to request that the Finance Committee meet with Bull Run,
"in person or by telephone, to determine if [the Finance Committee] and [Bull
Run] (and [their] respective advisors) can work together, cooperatively to
consummate this transaction." A copy of Bull Run's December 20, 1999 letter is
filed as Exhibit 14 to this Amendment No. 5 to the Schedule 13D.

         On December 22, 1999, Mr. Prather of Bull Run traveled to St. Louis to
meet with Mr. Andrew N. Baur, the Chairman of the Finance Committee of the Board
of Directors of Rawlings, to discuss Bull Run's proposal to purchase all of the
outstanding capital stock of Rawlings not held by those Rawlings stockholders
who had expressed an interest not to sell their Rawlings stock. On December 23,
1999, Mr. Prather sent Mr. Baur a letter (the "December 23 Letter") confirming
Mr. Prather's understanding that Mr. Baur planned to call a meeting of the
Finance Committee for Monday, December 27, 1999 in order for the Finance


                                  Page 8 of 17
<PAGE>   9

Committee to discuss Bull Run's offer. A copy of the December 23 Letter is filed
as Exhibit 15 to this Amendment No. 5 to the Schedule 13D.

         In response to Mr. Prather's letter on December 23, 1999, Mr. Baur sent
a letter to Mr. Prather clarifying that Mr. Baur intended to attempt to convene
the Finance Committee on Monday, December 27, 1999, but he did not know the
availability of the members of the Finance Committee. Mr. Baur's letter also
stated that he was not going to ask the Finance Committee to reconsider Bull
Run's $10.00 per share cash offer, but that he would update the Finance
Committee on the conversation between Mr. Baur and Mr. Prather on December 22,
1999, and that Mr. Baur would inquire about what the members of the Finance
Committee wished to do. Finally, Mr. Baur stated that it was not his
recommendation to waive the Standstill Agreements, but that "[i]t was simply a
general discussion as to what would happen if a tender from a third party were
to take place." A copy of Mr. Baur's December 23, 1999 letter is filed as
Exhibit 16 to this Amendment No. 5 to the Schedule 13D.

         Between December 23, 1999 and December 31, 1999, Mr. Prather and Mr.
Baur had several telephone conversations in which Mr. Prather requested a
meeting between Bull Run and the Finance Committee to discuss Bull Run's $10.00
per share cash offer. In addition, A&B and Prudential had similar discussions
with Skadden and Robertson Stephens, respectively. On December 28, 1999, Mr.
Easton of Skadden spoke by telephone with Mr. Opler of A&B and informed him that
the Finance Committee had not received, and therefore had not considered, any
report or detailed analysis from Robertson Stephens regarding Rawlings'
management's three-year plan or its anticipated impact on stockholder value. Mr.
Easton also informed Mr. Opler that Robertson Stephens had delivered a
memorandum to the Finance Committee stating Robertson Stephen's opinion that the
Finance Committee would be breaching its fiduciary duties to not perform due
diligence with respect to management's three-year plan. Mr. Easton also stated
that perhaps if Bull Run's preliminary indication of interest had indicated a
value in the range of $10 to $13 the Finance Committee's expectations might have
been different.

         On January 4, 2000, Mr. Easton of Skadden called A&B to inform A&B on
behalf of Bull Run that the Finance Committee believed that some resolution to
the current situation was necessary and that the Finance Committee had
authorized and instructed Mr. Easton to make a proposal to Bull Run. The
proposal was communicated in that telephone call as well as in writing (the
"January 4 Proposal"). A copy of the January 4 Proposal is filed as Exhibit 17
to this Amendment No. 5 to the Schedule 13D. The January 4 Proposal stated that
the Finance Committee would be prepared to waive the restrictions in the
Standstill Agreement and amend Rawlings' Rights Plan in order to allow Bull Run
to make a cash tender offer for all outstanding shares of Rawlings' capital
stock at a price of $10.00 per share, subject to certain conditions. Bull Run
would be given 45 calendar days to complete the tender offer. The holders of at
least a majority of the outstanding shares (excluding those held by Bull Run)
would have to tender. Bull Run had to agree to do a back-end cash merger as
promptly as practicable following a successful tender offer, pursuant to which
all remaining stockholders (except any agreeing to stay in) would receive the
same $10.00 per share price. Bull Run further had to agree that if the tender
offer failed, Bull Run would lose its current right to designate two


                                  Page 9 of 17

<PAGE>   10

members of Rawlings' Board of Directors (the two current designees were to
resign) and Bull Run would surrender its Warrant to purchase 925,804 shares of
Rawlings Common Stock in exchange for the forgiveness of the unpaid half of the
Warrant purchase price. Bull Run paid approximately $1.4 million at the time of
the issuance of the Warrant as the first one-half of the Warrant purchase price.
The January 4 Proposal also stated that Rawlings' Board of Directors "will not
recommend in favor of the [tender] offer and may either remain neutral or
recommend against" the tender offer.

         In response to the January 4 Proposal, A&B submitted a letter to Mr.
Easton on January 5, 2000 (the "January 5 Letter") expressing Bull Run's
willingness to accept the January 4 Proposal, subject to certain clarifications
and modifications. A copy of the January 5 Letter is filed as Exhibit 18 to this
Amendment No. 5 to the Schedule 13D. The January 5 Letter clarified that the 45
day time period would begin upon the execution of a definitive agreement between
Bull Run and Rawlings. The letter requested that Rawlings' Board of Directors
use all reasonable efforts to cooperate with Bull Run with respect to the tender
offer, including providing updated financial and operational information,
assisting with required filings and taking whatever action may be necessary, if
any, to allow the tender offer to proceed unrestricted by the provisions of
Section 203 of the Delaware General Corporation Law. The January 5 Letter also
requested that the Board of Directors agree not to recommend against the tender
offer.

         On January 6, 2000, Mr. Easton of Skadden and Mr. Opler of A&B spoke by
telephone, during which conversation Mr. Easton stated that the Finance
Committee was not prepared to assist Bull Run in connection with the tender
offer or to use reasonable efforts to cooperate with Bull Run. However, Mr.
Easton did agree that the January 4 Proposal would be modified to include mutual
releases of Rawlings, the Rawlings directors and Bull Run.

         The Rawlings Board of Directors met on January 7, 1999 by telephone.
After the Board meeting, Mr. Easton of Skadden telephoned Mr. Opler of A&B to
clarify the Finance Committee's January 4 Proposal and to inform A&B that a
deadline of January 12, 2000 at 5:00 p.m. had been established for Bull Run to
accept or reject the January 4 Proposal. Mr. Easton informed A&B that at the
Board meeting, Mr. O'Hara's severance benefits were increased to include: an
extra two years of employee benefits, an extra year (for a total of three) of
base salary, a $50,000 moving allowance if Mr. O'Hara moves within 18 months and
if the costs are not assumed by another employer, and Mr. O'Hara will forgo the
right to join a country club and, in exchange, the Company will pay a $28,000
key man life insurance premium and forgive a $56,000 loan to Mr. O'Hara.

         On January 11, 2000, Mr. Easton of Skadden and Mr. Opler of A&B spoke
by telephone, during which conversation Mr. Easton stated that at a price of
$10.00 per share Rawlings was not prepared to assist Bull Run in connection with
its tender offer. Mr. Easton of Skadden, Mr. Opler of A&B and Bull Run's
securities counsel, Proskauer Rose LLP, had several other telephone
conversations between January 6, 2000 and January 12, 2000.


                                  Page 10 of 17
<PAGE>   11


         On January 12, 2000, Mr. Prather of Bull Run sent a letter to the
Finance Committee expressing Bull Run's eagerness to reach an agreement with
Rawlings by that afternoon. A copy of Mr. Prather's letter to the Finance
Committee dated January 12, 2000 is filed as Exhibit 19 to this Amendment No. 5
to the Schedule 13D. Mr. Prather's letter reiterated the concessions that Bull
Run had already made in the spirit of compromise and outlined the few remaining
issues left to be resolved. The three major issues remaining were (i) whether
Rawlings would allow Bull Run to extend the time period by 13 business days in
the event that Bull Run received comments from the Securities and Exchange
Commission on the tender offer documents, (ii) whether Rawlings would allow Bull
Run and its financing sources an opportunity to conduct bring-down confirmatory
due diligence and (iii) whether any consequences of Bull Run's tender offer
failing should be conditioned on Rawlings and the Finance Committee's acting in
a reasonable manner throughout the process as well as whether Bull Run should
forfeit 1/2 or all of its Warrant and whether Bull Run should lose one or both
of its designees to the Rawlings Board of Directors.

         The Finance Committee of Rawlings met on the evening of January 12,
2000 to discuss the proposed Bull Run tender offer. Following the Finance
Committee meeting and at the request of the Finance Committee, Mr. Easton of
Skadden spoke with A&B by telephone and informed A&B of the Finance Committee's
revised proposal, which was represented by the "Summary of Agreed Upon Terms"
later sent to A&B by facsimile. A copy of the "Summary of Agreed Upon Terms" is
filed as Exhibit 20 to this Amendment No. 5 to the Schedule 13D. The revised
proposal again stated that the Finance Committee would be willing to waive the
Standstill Agreement and amend Rawlings' Rights Plan in order to allow Bull Run
to make a cash tender offer for all of the outstanding shares of Rawlings'
capital stock at a price of $10.00 per share, subject to certain conditions. The
terms and conditions of this revised proposal were identical to the January 4
Proposal, except that (i) Rawlings agreed to amend the time frame for completion
of the tender offer to 45 calendar days from the date of the public announcement
of the agreement or, if longer, by 13 business days after the first SEC comments
on the offer documents, if any, are received by Bull Run; and (ii) the only
information or assistance Rawlings agreed to provide Bull Run was the same
package of information that it had recently provided to its new lender, GE
Capital Corp. The Summary of Agreed Upon Terms failed to reflect the statements
that Mr. Easton made regarding mutual releases of Rawlings, the Rawlings
directors and Bull Run. The revised proposal was received by telephone by A&B at
approximately 8:00 p.m. on January 12, 2000 with a deadline for Bull Run to
respond by 9:00 a.m. the following morning.

         On the evening of January 12, 2000, A&B and Proskauer Rose spoke by
telephone with Mr. Easton of Skadden who informed them that the Finance
Committee needed a "yes" or "no" answer by 9:00 a.m. A&B and Proskauer Rose
explained that it was Bull Run's view that it was not in the best interests of
Rawlings or its stockholders for a tender offer to be commenced but not
consummated and that Bull Run and its financing sources would require an update
of their respective due diligence investigations so that both Rawlings and Bull
Run would have a high degree of confidence that the tender offer would be
consummated. Mr. Easton stated that the Finance Committee would not give Bull
Run's financing sources even four days to perform due diligence prior to Bull
Run making its tender offer.

                                  Page 11 of 17
<PAGE>   12


         Shortly before 9:00 a.m. on the Morning of January 13, 2000, Mr.
Prather, on behalf of Bull Run, sent a letter to the Finance Committee in
response to the "Summary of Agreed Upon Terms." A copy of Mr. Prather's letter
to the Finance Committee dated January 13, 2000 is filed as Exhibit 21 to this
Amendment No. 5 to the Schedule 13D. Mr. Prather stated in the letter that Bull
Run was "anxious to move forward with [the Finance Committee] as promptly as
possible," but that Bull Run would not be able to respond by 9:00 a.m. because
the information Rawlings offered to provide would not be sufficient to allow
Bull Run's financing sources to complete their customary confirmatory due
diligence. Mr. Prather also requested the access and information necessary to
conclude this customary, confirmatory due diligence based on and in response to
Mr. Easton's repeated prior statements that Bull Run would be given no
assistance or cooperation whatsoever. Mr. Prather stated that "[w]e believe this
confirmatory due diligence can be completed in a very short period of time," and
that if Rawlings will agree to allow it, "we are confident that we can resolve
promptly all of the remaining issues in the proposal." Mr. Prather further
reiterated in the letter that Bull Run is "anxious to proceed with [the] tender
offer and [Bull Run] will continue to use [its] best good faith efforts to
resolve any concerns that the Finance Committee might have."

         In response to questions directed to A&B by Mr. Easton regarding Mr.
Prather's January 13, 2000 letter, Mr. Prather sent a second letter to the
Finance Committee on the morning of January 13, 2000. A copy of Mr. Prather's
second letter to the Finance Committee dated January 13, 2000 is filed as
Exhibit 22 to this Amendment No. 5 to the Schedule 13D. Mr. Prather clarified
that the "remaining issues" he mentioned in the earlier letter were in fact
"likely minor and easily resolved." First, Bull Run would expect that the 45 day
time period would not commence until completion of the confirmatory due
diligence, estimated to take approximately one business week. The only other
issue remaining was whether Rawlings' Board of Directors would have the
flexibility to recommend against the tender offer, as opposed to remaining
neutral. Mr. Prather explained in the letter that Bull Run had no objection to
the Board of Directors recommending against the tender offer, but that one of
Bull Run's equity sources was not allowed to invest in any "hostile"
transactions and Bull Run had not been able to obtain the equity source's
concurrence that a recommendation against the tender offer would not cause the
transaction to be deemed "hostile."

         Rawlings issued a press release on the morning of January 13, 2000
announcing that "as part of its recently concluded exploration of strategic
alternatives, it had extensive discussions with Bull Run . . . concerning the
possible acquisition of Rawlings by an investor group led by Bull Run."
Rawlings' press release further stated that "Bull Run declined to accept the
Finance Committee's proposal before an agreed upon deadline" notwithstanding the
fact that Bull Run responded to the Finance Committee's revised proposal dated
January 12, 2000 with two letters in which it assured Rawlings that the parties
were very close to an agreement on all remaining issues. The press release
further stated that "pursuant to a resolution unanimously approved late last
week by Rawlings' Board of Directors, including Bull Run's two representatives
on the Board, the acquisition


                                  Page 12 of 17
<PAGE>   13

talks between the two companies would cease and Rawlings would continue to focus
on implementing its business plan and improving operating results." However,
Bull Run only agreed to a "drop-dead date" of 5:00 p.m. on January 12, 2000 by
which to submit a proposal to the Finance Committee, and as stated, Bull Run did
in fact submit a proposal to Rawlings by the 5:00 p.m. deadline and continued
negotiating with Rawlings well into the night of January 12, 2000. Neither Bull
Run nor its two representatives on the Board of Directors of Rawlings agreed to
implement Rawlings' three-year business plan. A copy of the press release issued
by Rawlings dated January 13, 2000 is filed as Exhibit 23 to this Amendment No.
5 to the Schedule 13D.

         This Amendment No. 5 to the Schedule 13D is being filed to disclose
that Bull Run intends to continue through all lawful means to pursue
negotiations with Rawlings and discussions with lenders and financing sources to
attempt to acquire all of the issued and outstanding Common Stock of Rawlings
not owned by it and certain other current Rawlings stockholders. Bull Run's
plans and proposals, including its December 3 Offer, may relate to or might
result in: (a) the acquisition by Bull Run or a corporation to be formed by Bull
Run and other persons of additional Common Stock of Rawlings; (b) an
extraordinary corporate transaction, such as a merger, reorganization or
liquidation involving Rawlings; (c) a sale or transfer of a material amount of
assets of Rawlings or of any of its subsidiaries; (d) a change in the present
board of directors or management of Rawlings, including a change in the number
or term of directors; (e) a material change in the present capitalization and
dividend policy of Rawlings; (f) other material changes in Rawlings' business
and corporate structure; (g) changes in Rawlings' certificate of incorporation,
bylaws or other actions which may impede the acquisition of control of Rawlings
by any person; (h) causing a class of securities of Rawlings to cease to be
authorized to be quoted in an inter-dealer quotations system of a registered
national securities association; (i) a class of equity securities of Rawlings
becoming eligible for termination of registration pursuant to Section 12(g)(4)
of the Securities Exchange Act of 1934, as amended; or (j) any action similar to
any of those enumerated above.

         Although Bull Run intends to continue to attempt through all lawful
means to acquire all of the issued and outstanding Common Stock of Rawlings not
owned by it and certain other current Rawlings stockholders, Bull Run cannot
assure that it will not abandon such efforts, that its efforts will be
successful, or that any acquisition of Rawlings Common Stock will be on terms
previously contemplated as described in this Amendment No. 5 to Schedule 13D.

ITEM 5.   INTEREST IN SECURITIES OF THE ISSUER.

         Item 5 is amended as follows:

         As reported in Amendment No. 3 to the Schedule 13D, in connection with
amending the Rights Agreement dated July 1, 1994 between the Company and
ChaseMellon Shareholder Services, L.L.C., as amended (the "Rights Plan"), to
prevent the Rights Plan from being triggered, Bull Run and the Company entered
into Amendment Number One. Among other things, Amendment Number One provided
that Bull Run would sell in the open market on or before July 1, 1999, 30,000
shares of Common Stock.


                                  Page 13 of 17

<PAGE>   14

On June 30, 1999, Bull Run and the Company agreed to extend the July 1, 1999
deadline for such sale to July 31, 1999. Pursuant to such requirements, Bull Run
has sold in the open market 30,000 shares of Common Stock of the Company,
leaving 806,500 shares owned by Bull Run.

         In addition to the 806,500 shares of Common Stock noted above, Bull Run
owns the Warrant to purchase 925,804 shares of Common Stock, subject to
adjustment. Bull Run disclaims beneficial ownership of the shares of Common
Stock issuable upon exercise of the Warrant because the Warrant is not
exercisable until the price of the last reported trade of Common Stock on the
NASDAQ Stock Market is at least $16.50 for twenty (20) consecutive trading days.

ITEM 6.  CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
         TO SECURITIES OF THE ISSUER.

         Item 6 is hereby amended as follows:

         As described in Item 4 of this Amendment No. 5 to the Schedule 13D and
the Exhibits hereto, Bull Run has received certain commitments for debt and
equity financing for the December 14 Offer, including the letters received from
two existing Rawlings stockholders described in Item 4 of this Amendment No. 5
to the Schedule 13D. Bull Run has not yet accepted any of these commitments and,
in order to preserve the confidentiality of the parties to these commitments,
Bull Run has not included copies of these commitments as Exhibits to this
Amendment No. 5 to the Schedule 13D. Further, the names of the other parties to
these commitments have been redacted from the Exhibits to this Amendment No. 5
to the Schedule 13D.

ITEM 7.  MATERIAL TO BE FILED AS EXHIBITS

<TABLE>
<CAPTION>
   EXHIBIT NUMBER                      DESCRIPTION
   -------------- ------------------------------------------------------------
<S>               <C>
         1        Letter Confidentiality Agreement between Rawlings Sporting
                  Goods Company, Inc. and Bull Run Corporation dated August 6,
                  1999.

         2        Letter to Bull Run Corporation from BancBoston Robertson
                  Stephens Inc. dated August 10, 1999.

         3        Letter to Rawlings Sporting Goods Company, Inc. from Bull Run
                  Corporation dated August 24, 1999.

         4        Letter from BancBoston Robertson Stephens Inc. to Steve
                  Powell, Prudential Securities Inc. dated September 17, 1999.

         5        Letter to BancBoston Robertson Stephens Inc. from Bull Run
                  Corporation dated October 4, 1999.
</TABLE>


                                 Page 14 of 17
<PAGE>   15

<TABLE>
         <S>      <C>
         6        Letter to Mr. Joseph A. Pellegrini, BancBoston Robertson
                  Stephens, Inc. from Prudential Securities Inc. dated
                  October 7, 1999.

         7        Letter from Bull Run Corporation to Rawlings Sporting Goods
                  Company, Inc. dated October 25, 1999.

         8        Letter from Alston & Bird LLP to Skadden, Arps, Slate, Meagher
                  & Flom LLP dated October 29, 1999.

         9        Letter from Rawlings Sporting Goods Company, Inc. to Bull Run
                  Corporation dated November 17, 1999.

         10       Letter to BancBoston Robertson Stephens Inc. from Bull Run
                  Corporation dated December 3, 1999.

         11       Letter to BancBoston Robertson Stephens Inc. from Bull Run
                  Corporation dated December 14, 1999.

         12       Letter to BancBoston Robertson Stephens Inc. from Bull Run
                  Corporation dated December 15, 1999.

         13       Letter to the Finance Committee of the Board of Directors of
                  Rawlings Sporting Goods Company, Inc., c/o BancBoston
                  Robertson Stephens Inc., from Bull Run Corporation dated
                  December 17, 1999.

         14       Letter to the Finance Committee of the Board of Directors of
                  Rawlings Sporting Goods Company, Inc., c/o BancBoston
                  Robertson Stephens, Inc., from Bull Run Corporation dated
                  December 20, 1999.

         15       Letter to Andrew N. Baur, Chairman, Finance Committee of the
                  Board of Directors of Rawlings Sporting Goods Company, Inc.
                  from Bull Run Corporation dated December 23, 1999.

         16       Letter from Andrew N. Baur, Chairman of the Finance Committee
                  of Rawlings Sporting Goods Company, Inc. to Robert S. Prather,
                  Jr., President and Chief Executive Officer of Bull Run
                  Corporation, dated December 23, 1999.

         17       Proposal from the Finance Committee of Rawlings Sporting Goods
                  Company, Inc. to Bull Run Corporation dated January 4, 2000.

         18       Letter from Alston & Bird LLP to Skadden, Arps, Slate, Meagher
                  & Flom LLP dated January 5, 2000.
</TABLE>


                                 Page 15 of 17
<PAGE>   16

<TABLE>
         <S>      <C>
         19       Letter from Bull Run Corporation to the Finance Committee of
                  Rawlings Sporting Goods Company, Inc. dated January 12, 2000.

         20       Summary of Agreed Upon Terms submitted by Skadden, Arps,
                  Slate, Meagher & Flom LLP to Alston & Bird LLP dated
                  January 12, 2000.

         21       Letter from Bull Run Corporation to the Finance Committee of
                  Rawlings Sporting Goods Company, Inc. dated January 13, 2000.

         22       Letter from Bull Run Corporation to the Finance Committee of
                  Rawlings Sporting Goods Company, Inc. dated January 13, 2000.

         23       Press Release issued by Rawlings Sporting Goods Company, Inc.
                  dated January 13, 2000.
</TABLE>


                                 Page 16 of 17
<PAGE>   17


                                    SIGNATURE

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated:  January 19, 2000

                                             BULL RUN CORPORATION


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





                                 Page 17 of 17
