EXHIBIT 99.1


                                                       CONTACT: DAVID GROELINGER
                                                         CHIEF FINANCIAL OFFICER

                               RIDDELL SPORTS INC.
                                    ANNOUNCES
                         SALE OF RIDDELL GROUP DIVISION

New York,  N.Y.,  April 30,  2001,  - - Riddell  Sports Inc.  (AMEX:  RDL) today
announced  that it has signed an agreement to sell its Riddell Group Division to
an acquisition  affiliate of  Lincolnshire  Management,  Inc., a New York based,
private-equity fund. Under the terms of the agreement, Riddell Sports, Inc. will
receive cash at closing  equal to $61.0 million plus the  approximate  amount of
short-term  debt incurred by the Riddell Group Division  between January 1, 2001
and closing.

The Company  will use the proceeds  from the  transaction,  net of expenses,  to
reduce  indebtedness  and/or to be  reinvested  in the  Company's  business,  in
accordance with the terms of the Company's  credit facility from Bank of America
and it's Senior Notes.

The merger  agreement was unanimously  approved by the Board of Directors of the
Company.  The  Board of  Directors  received  a  fairness  opinion  from  Lehman
Brothers, the financial advisor to the Company.

As part of the transaction, Lincolnshire has received commitment letters from GE
Capital,  as agent,  and Comerica Bank, as co-agent,  for senior debt financing.
PNC Equity  Management Corp. has provided a commitment for mezzanine  financing,
and Lincolnshire,  with PNC Equity Management Corp. participating,  will provide
equity  financing for the  transaction.  The  consummation  of the  transactions
contemplated by the merger agreement is subject to several conditions including,
among others, the consummation of the above-described  financings, the obtaining
of required  consents or agreements from National Football League Properties and
other third  parties,  the expiration or termination of the waiting period under
the  Hart-Scott-Rodino  laws and the absence of material  adverse changes to the
business of the Riddell Group Division.  Although there can be no assurance that
the sale will be completed,  the Company expects, subject to the satisfaction of
all  conditions,  to consummate  the sale in June 2001.  Under  certain  limited
circumstances,  if the  merger  agreement  is  terminated  or the  merger is not
consummated,  Lincolnshire  will be entitled to a termination  fee of up to $3.5
million.

The  Riddell  Group  Division  includes:  (i) all of the  Company's  Team Sports
business,  except  Umbro  branded  team  soccer  products,  (ii)  the  Company's
licensing segment,  which allows  third-parties to market certain products using
the Riddell and  MacGregor  trademarks  to third parties and (iii) the Company's
retail  segment,  which  markets  a line of  sports  collectibles  and  athletic
equipment  to  retailers  in  the  United   States  and  to  a  limited   extent
internationally.



In 2000,  the  Company had net sales of  approximately  $235  million,  of which
almost $90 million, or approximately 40%, were from the businesses being sold in
the proposed  transaction.  The Company  expects that its 2001  earnings will be
reduced as a result of the divestiture.  The magnitude of the actual impact will
depend on the closing date of the proposed transaction.

Commenting on the announcement, Mr. David Mauer, the Company's President and CEO
said, "Last  year, we hired Lehman Brothers to explore strategic alternatives to
enhance  stockholder value. This process included analyzing the sale of all or a
portion  of  the  Company  and   identifying   key   acquisition  or  investment
alternatives.  Today,  we are happy to announce  the sale of the  Riddell  Group
Division  and  that we  continue  to  work  with  Lehman  Brothers  to  evaluate
acquisition or investment possibilities for the remaining business."

Subsequent to the closing of the transaction, the Company will seek the approval
of shareholders to change the Company's name.

Riddell  Sports Inc.  is a leading  marketer  and  distributor  of products  and
services to the 30 million  participants in the  extracurricular  segment of the
educational  market.  The  Company  owns or  licenses  leading  brands,  such as
Riddell,  Varsity Spirit, Umbro and MacGregor and provides products and services
for team sports and school spirit  activities.  The Company markets its products
and  services  to schools  and  recreational  organizations  and the coaches and
participants  in the  extracurricular  market through its own  nationwide  sales
force,  web sites  targeted to specific  activities  and a year-round  marketing
cycle of special events, competitions and instruction.

STATEMENTS MADE IN THIS PRESS RELEASE  CONCERNING THE COMPANY'S BUSINESS OUTLOOK
AND  ANTICIPATED  PROFITABILITY,  TOGETHER  WITH THE  STATEMENTS  REGARDING  THE
PROPOSED SALE OF THE RIDDELL GROUP DIVISION ARE "FORWARD LOOKING  STATEMENTS" AS
THAT  TERM IS  DEFINED  UNDER  FEDERAL  SECURITIES  LAWS.  ALL  FORWARD  LOOKING
STATEMENTS ARE SUBJECT TO THE RISKS AND UNCERTAINTIES, INCLUDING BUT NOT LIMITED
TO  OBTAINING  THE  REQUISITE  FINANCING  AND  CONSENTS,  AND  GENERAL  ECONOMIC
CONDITIONS.

     For more information, visit our web site at http://www.riddellir.com.