Collective quote initially made out for sports equipment (4,3)
I believe the answer is:
pool cue
'for sports equipment' is the definition.
(stick used when playing pool)
'collective quote initially made out' is the wordplay.
'collective' becomes 'pool' (pool can mean a collective or group of people).
'quote initially' becomes 'Q' (initial of the word 'quote').
'made out' indicates a 'sounds like' (homophone) clue (to make something out is to hear it).
'q' is a homophone of 'cue'.
'pool'+'cue'='POOL CUE'
(Another definition for pool cue that I've seen is " Potter's equipment".)