Bull Run Corporation Completes Amended and Restated Form 10-K and 10-Q's

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Bull Run Corporation Completes Amended and Restated Form 10-K and 10-Q's

    ATLANTA, July 30 /PRNewswire/ -- Bull Run Corporation (Nasdaq: BULL) today
announced that the Company has completed and filed with the Securities and
Exchange Commission an amended and restated Form 10-K for the Company's fiscal
year ended June 30, 2000 and Form 10-Q's for each of the quarterly periods
ended September 30, 2000, December 31, 2000 and March 31, 2001.  The
previously filed Form 10-K and Form 10-Q's required amendment and restatement
as a result of the previously-announced discovery of accounting errors in
financial statements of Universal Sports America, Inc., a company acquired by
Bull Run in December 1999.
    Earlier this year, the Company's subsidiary, Host Communications, Inc.,
discovered material errors in Universal's accounting for and reporting of
certain asset and liability accounts specifically related to Universal's
Affinity Events business segment (also known as "Streetball") in financial
statements issued by Universal prior to, and financial information provided
subsequent to, the acquisition.  The most significant amount of Universal's
accounting errors accumulated prior to Bull Run's acquisition of Universal.
    The restatement of its financial statements reflecting a decrease in
certain assets and a change in historical operating results constituted an
event of default under Bull Run's credit facility; however, the Company and
its lenders recently executed an amended and restated bank credit facility,
which includes an extension of the facility's maturity date from December 17,
2001 to July 1, 2002.
    Bull Run also recently announced that Host Communications executed an
11-year agreement with CBS Sports for certain marketing, licensing and media
rights.  Under the agreement, which takes effect in September 2002, HCI was
awarded the (a) exclusive worldwide rights to administer the National
Collegiate Athletic Association (NCAA) Corporate Partner Program; (b)
exclusive right to produce, distribute and sell NCAA Championship game
programs and publications; (c) rights to engage in merchandise licensing
utilizing registered marks of the NCAA and its championships; (d) television
rights for certain NCAA Championships that will not be otherwise aired by CBS
or ESPN, and other sports-related television programming; (e) video streaming
rights and home video rights to all NCAA championships except the Men's Final
Four; and (f) and exclusive rights to the Hoop City Experience at both the
Men's and Women's Final Four.
    Host's contract with CBS will run concurrent with the network's agreement
with the NCAA, which begins with the fall academic calendar in 2002 and
extends through the spring championships season in 2013.  This CBS/Host
agreement extends Host's relationship with the NCAA, which began in 1975 and
was otherwise scheduled to end in 2002.
    Bull Run, through Host Communications, provides affinity, multimedia,
promotional and event management services support to universities, athletic
conferences, associations and corporations.  Selected as one of the top five
sports marketing companies in the world by SportsBusiness Journal last year,
Host currently holds the multi-media athletics rights to 13 institutions and
six conferences that include Florida State, Kentucky, Michigan, Notre Dame,
Purdue, South Carolina, Tennessee, Texas and the Southeastern Conference, in
addition to its contractual relationship with the NCAA.  Bull Run also has
significant investments in Gray Communications Systems, Inc., an owner and
operator of 13 television stations and four newspapers; Rawlings Sporting
Goods Company, Inc., a leading supplier of team sports equipment in North
America; iHigh Inc., a marketing company focused on high school students; and
Sarkes Tarzian, Inc., an owner and operator of two television stations and
four radio stations.

    Contacts:  Robert S. Prather, Jr., Bull Run's President & Chief Executive
Officer, at (404) 266-8333, or Frederick J. Erickson, VP-Finance and Chief
Financial Officer, at (704) 602-3107.

SOURCE Bull Run Corporation

http://www.bullruncorp.com
Company News On-Call:

http://www.prnewswire.com/gh/cnoc/comp/232438.html
CONTACT:
Robert S. Prather, Jr., President & Chief
Executive Officer, +1-404-266-8333, or Frederick J. Erickson,
VP-Finance and Chief Financial Officer, +1-704-602-3107, both of
Bull Run Corporation