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SPORT OF KINGS ANNOUNCES STOCK REPURCHASE

 SPORT OF KINGS ANNOUNCES STOCK REPURCHASE
 LAS VEGAS, July 16 /PRNewswire/ -- Sport Of Kings, Inc. (the


"company") (NASDAQ: ODDS) announced today that it has repurchased all of the shares of stock owned by the company's principal investor, Caspian Resources Limited, a company controlled by Stephen and James Forsyth. The company also announced that it has accepted the resignations of Stephen Forsyth as the company's vice chairman and a director and James Forsyth as a director.
 Prior to the transactions announced today, Caspian owned 7,106,738 shares of the company's common stock representing approximately 33 percent of the company.
 Pursuant to the agreements reached with Caspian, the company has repurchased from Caspian 1,647,062 shares for $823,531 ($.50 per share). The balance of 5,459,676 shares have been repurchased for a two-year note (the "two-year note") secured by a second mortgage on the company's property in Las Vegas. Caspian holds the first mortgage on such property to secure obligations in the amount of $6 million.
 The two-year note which has a face amount of $5,459,676 may be prepaid by the company at any time during the first six months at $.50 on the dollar and for the second six months at $.90 on the dollar. The two-year note does not bear interest during the first year and bears interest of 10 percent thereafter. After twelve months, the two year note is payable at its face amount.
 The parties have further agreed that in the event the company does not receive a gaming license from the Nevada Regulatory Authorities and raise at least $4 million in equity financing within six months, then Caspian will be reissued 5,459,676 shares in consideration for cancellation of the two-year note.
 The company announced that the foregoing actions were taken as a result of the decision of the Nevada Gaming Control Board to refer the company's application for a gaming license back to staff to allow the company time to replace the interests of Stephen and James Forsyth.
 -0- 7/16/92
 /CONTACT: Dennis L. Amerine, president of Sport of Kings, 702-893-3500, or fax: 702-893-3576/
 (ODDS) CO: Sport of Kings, Inc. ST: Nevada IN: SU:


TQ-TS -- NY008 -- 9851 07/16/92 08:24 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
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