U.S. SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-QSB

(Mark One)

 X  Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of
 1934
 --

For the quarterly period ended March 31, 1998.

  Transition report under Section 13 or 15(d) of the Exchange Act

For the transition period from _______________ to _______________

Commission file number            000-21585

                     Worldwide Entertainment & Sports Corp.

        (Exact Name of Small Business Issuer as Specified in Its Charter)


                 Delaware                              2-3393152
        (State or Other Jurisdiction of           (I.R.S. Employer
          Incorporation or Organization)          Identification No.)


               29 Northfield Avenue, West Orange, New Jersey 07052
                    (Address of Principal Executive Offices)

                                 (973) 325-3244
                (Issuer's Telephone Number, Including Area Code)


            (Former Name, Former Address and Former Fiscal Year, 
                         if Changed Since Last Report)

         Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days.

Yes __X____       No  ______

                     APPLICABLE ONLY TO ISSUERS INVOLVED IN
                        BANKRUPTCY PROCEEDINGS DURING THE
                              PRECEDING FIVE YEARS

         Check whether the registrant  filed all documents and reports  required
to be  filed  by  Section  12,  13 or  15(d)  of  the  Exchange  Act  after  the
distribution of securities under a plan confirmed by a court.

Yes ______        No ______


                      APPLICABLE ONLY TO CORPORATE ISSUERS

         State the number of shares  outstanding of each of the issuer's classes
of common equity, as of the latest practicable date:


Common Stock, $.01 par value - 6,922,197 shares

         Transitional Small Business Disclosure Format (check one):

Yes ______        No ______



<PAGE>

PART I.

Item 1. Financial Statements


                                      WORLDWIDE ENTERTAINMENT & SPORTS CORP.
                                       CONDENSED CONSOLIDATED BALANCE SHEET
                                                  MARCH 31, 1998
                                                    (Unaudited)



                                                      ASSETS
<TABLE>
<CAPTION>
<S>                                                                                     <C>  
CURRENT ASSETS

  Cash and cash equivalents                                                             $  3,409,222
  Certificates of deposit (at fair market value)                                             407,091
  Accounts receivable                                                                        150,879
  Prepaid expenses                                                                            43,054
  Due from boxers and other related parties, net of reserve of $202,680                      474,513
  Other current assets                                                                        58,657
                                                                                        --------------
  Total Current Assets                                                                     4,543,416

PROPERTY AND EQUIPMENT-at cost, net of accumulated
       depreciation                                                                           49,021

OTHER ASSETS
  Cash surrender value of life insurance                                                       4,861
  Other assets                                                                                   100
                                                                                               4,961

  Total assets                                                                          $  4,597,398
                                                                                        ------------
</TABLE>




      See notes to Unaudited Condensed Consolidated Financial Statements.


<PAGE>





                                      WORLDWIDE ENTERTAINMENT & SPORTS CORP.
                                       CONDENSED CONSOLIDATED BALANCE SHEET
                                                  MARCH 31, 1998
                                                    (Unaudited)



                                                    LIABILITIES

<TABLE>
<CAPTION>
<S>                                                                                           <C>    


CURRENT LIABILITIES:
  Accounts payable                                                                            $          203,527
  Accrued expenses                                                                                        77,157
  Escrow funds and amounts due boxers                                                                    930,863
  Income taxes payable                                                                                    19,178
                                                                                               -----------------
  Total Current Liabilities                                                                            1,230,725

STOCKHOLDERS' EQUITY
  Common stock, $.01 par value; authorized 20,000,000 shares;
       6,922,197 shares issued                                                                            69,222    

  Additional paid-in capital                                                                           9,881,407
  Accumulated deficit                                                                                 (6,571,606)
  Demand note receivable on private issuance of Common Stock                                             (12,350)
                                                                                                       3,366,673
                                                                                               -----------------



  Total Liabilities and Stockholders' Equity                                                  $        4,597,398
                                                                                               -----------------


</TABLE>



      See notes to Unaudited Condensed Consolidated Financial Statements.
                




<PAGE>







                     WORLDWIDE ENTERTAINMENT & SPORTS CORP.
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                   Three Months Ended March 31, 1998 and 1997
                                   (Unaudited)
<TABLE>
<CAPTION>
<S>                      <C>                                     <C>                   <C>    

                                                                        1998                   1997
                                                                 --------------------   --------------------


Purse income                                                     $    586,738           $     21,750
Commission income                                                      43,167
Endorsement income                                                                            15,000
Marketing fees                                                          35,525
Contract and agency fees                                                37,500                25,825
Merchandise revenues                                                    14,142
                        Total revenues                                 717,072                62,575
                                                                 -------------------    --------------------

Training and related expenses                                          290,726                29,051
Promotion and other operating expenses                                 761,776               780,640
                                                                 -------------------    --------------------
                                                                     1,052,502               809,691
                                                                 -------------------    --------------------
                        Loss from operations                          (335,430)             (747,116)

Other income and (expenses):
  Interest and dividend income                                          10,148                33,355

  Other                                                                    795               ( 6,279)
                                                                 --------------------   --------------------
                                                                        10,943              ( 27,076)
                                                                 --------------------   --------------------
Loss before income taxes                                              (324,487)             (720,040)
Income taxes                                                             1,854                 4,320
                       NET LOSS                                  $    (326,341)         $   (724,360)
                                                                 --------------------   --------------------

Basic Loss per share                                             $        (.05)         $       (.14)
                                                                 --------------------   --------------------

Weighted average common shares outstanding                           6,439,635             5,153,255
                                                                 --------------------   --------------------
</TABLE>

      See notes to Unaudited Condensed Consolidated Financial Statements.




<PAGE>






                     WORLDWIDE ENTERTAINMENT & SPORTS CORP.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
               For the Three Months Ended March 31, 1998 and 1997
                                   (Unaudited)

<TABLE>
<CAPTION>
<S>                                                              <C>                      <C>  

                                                                        1998                    1997
                                                                   --------------          ---------------

Cash Flows from Operating Activities                             $        474,954         $      (194,018)

Cash Flows from Investing Activities                                      619,907                (527,359)

Cash Flows from Financing Activities                                    1,569,223                    1,500
                                                                   --------------          ---------------

Net Increase (Decrease) in Cash and Cash Equivalents                    2,664,084                (719,877)

Cash and Cash Equivalents at Beginning of Period                          745,138                1,091,505


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

Cash and Cash Equivalents at End of Period                       $      3,409,222         $        371,628
                                                                   ==============          ===============

Supplemental Disclosures of Cash Flow Information:
         Cash Paid During the Period for:
                  Income Taxes                                   $            800         $           4,320
                                                                   ==============          ===============
                  Interest                                       $       -                $       -
                                                                   ==============          ===============
</TABLE>

      See notes to Unaudited Condensed Consolidated Financial Statements.


<PAGE>






             WORLDWIDE ENTERTAINMENT & SPORTS CORP. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE A       -    NATURE OF ORGANIZATION AND BASIS OF PRESENTATION:

        1.   Nature of Organization:

        Worldwide  Entertainment & Sports Corp. (the "Company") was incorporated
        in Delaware on August 15, 1995, for the purpose of providing management,
        agency,  and marketing  services to professional  athletes,  artists and
        entertainers, principally to boxers, football and basketball players.

        2.   Basis of Presentation:

        The Condensed Financial Statements included herein have been prepared by
        the Company, without audit, pursuant to the rules and regulations of the
        Securities and Exchange  Commission.  Certain  information  and footnote
        disclosures  normally  included  in  financial  statements  prepared  in
        accordance  with  generally  accepted  accounting  principles  have been
        condensed or omitted pursuant to such rules and regulations.

        The Condensed  Financial  Statements  included  herein  reflect,  in the
        opinion of management,  all  adjustments  (consisting  primarily only of
        normal  recurring  adjustments)  necessary to present fairly the results
        for the interim periods.  The results of operations for the three months
        ended March 31, 1998,  are not  necessarily  indicative of results to be
        expected for the entire year ending December 31, 1998.


NOTE B       -    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

        1. The condensed  consolidated financial statements include the accounts
         of the  Company  and all of its  subsidiaries,  all of which are wholly
         owned, except for Worldwide Basketball Management, Inc.
        and Worldwide Football Management, Inc., which companies are 80% owned.

        2.  Purse  revenue  is  recognized  upon  completion  of a  fight,  as a
        percentage  of the boxer's  purse.  Ticket and  commission  revenues are
        recognized  at the time of the fight.  Contract  and agency fee revenues
        are recognized ratably over the various athletic seasons.

        3.  Basic net loss per share is  computed  by  dividing  net loss by the
        weighted average number of shares of Common Stock outstanding during the
        year.  Diluted EPS has not been  presented  because its effect  would be
        anti-dilutive.








<PAGE>







             WORLDWIDE ENTERTAINMENT & SPORTS CORP. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE C       - SALE OF COMMON STOCK

    On October 22, 1996,  the Company  sold  1,400,000  Units (the  Units).  Net
proceeds were $6,499,091. Each Unit consisted of one share of common stock, $.01
par value, of WWES, and one redeemable common stock purchase warrant to purchase
one share of common stock at $7.20  during the period  October 22, 1996 to March
21, 2001.

        Additional shares have been sold or issued by WWES as follows:

             On July 15, 1997, sold 100,000 shares of restricted common stock in
        a private offering for $125,000.

             In August 1997, issued 11,000 shares of restricted common stock for
        services rendered having a fair value of $6,749.

             On August 15, 1997,  issued 5,000 shares of restricted common stock
        in a claim settlement.

             On August 19, 1997,  issued  250,000  shares of  restricted  common
        stock, with a fair value of $157,500,  for consulting  services rendered
        by a consulting firm.

             On  September  16,  1997,  issued  a  total  of  83,500  shares  of
        restricted  common  stock,  with a fair  value  of  $120,240,  to  seven
        individuals for consulting and other services.

             In November and December  1997,  sold 664,000  shares of restricted
        common stock in a private placement at $2.25 a share, for a total of 
        $1,494,994.

                During  the first  quarter of 1998,  the  Company  sold  660,000
         restricted  shares of common stock in connection  with several  private
         placement transactions for an aggregate amount of $1,485,000. The costs
         in connection with these sales amounted to approximately $ 50,000.

NOTE D -   STOCK OPTION PLAN

         On July 1, 1996,  WWES  adopted the 1966 Stock  Option Plan (the Plan),
   which  provides for the issuance of  qualifying  options to purchase  500,000
   shares. Nonqualified options may also be granted. At December 31, 1997, there
   were 485,000 qualifying  options  outstanding at prices ranging from $2.00 to
   $2.875,  per share.  Nonqualifying  options  outstanding  amounted to 273,500
   shares at $2.875, per share.

        On January 28,  1998,  the Board of  Directors  of WWES  authorized  the
   issuance of 320,000 nonqualifying options, exercisable at $1.50 a share.

NOTE E -  COMMITMENTS AND OTHER MATTERS

        The Company has  entered  into  long-term  management  contracts  with a
        number of professional boxers,  football players and basketball players.
        The  Company  receives  varying  rates  of  purses,  contracts,   public
        appearances  and  compensation,  depending upon the sport and applicable
        rules of the professional sports associations.


<PAGE>






        The Company has entered into  employment  agreements with key executives
        which are for five year terms from  inception  and include,  among other
        things,  signing bonuses,  automobile  allowances and additional bonuses
        based upon agreed upon circumstances.

        The minority stockholders of WWBM and WWFM have entered into stockholder
        agreements with WWES,  providing that, in the event WWES desires to sell
        all of its shares in these  subsidiaries  to an  unrelated  third party,
        then the minority  stockholders are required to sell all of their shares
        to the purchaser to effectuate a share  exchange.  Other  provisions are
        included in the agreements governing termination of employment.


Item 2. Management's Discussion and Analysis of Financial Condition and Results 
of Operations Results of Operations

         General
        Worldwide Entertainment & Sports Corp. was organized in August 1995, and
since such date has  succeeded to the business  operations  of various  entities
engaged  in the  management  of  professional  boxers,  each  controlled  by the
Company's Chief Executive Officer.  In January 1996, the Company established its
Team Sports  Division  through the  formation of  Worldwide  Team Sports,  Inc.
("WWTS").  In August 1996,  for the purpose of providing  agency,  marketing and
management  services to  professional  basketball  players,  the Company  formed
Worldwide Basketball  Management,  Inc. ("WWBM"), a corporation 80% owned by the
Company and 20% owned by WWBM's President and Vice President. In March 1997, the
Company established Worldwide Football Management,  Inc. ("WWFM"), a corporation
80%  owned by WWES and 20%  owned by its  President,  as a  separate  entity  to
continue its agency,  marketing and management services to professional football
players.  While the Company has succeeded to the operations of these businesses,
the prior operating results of such separate  businesses should not be viewed as
representative  of the future results of operations of the Company.  The Company
has only limited  experience in the field of player agency and contract advisory
services.

        In March 1998,  for the purpose of promoting  and  marketing  sports and
entertainment  memorabilia  the Company  established  the Worldwide  Memorabilia
Division  of  WWTS.  The  Company  has  exclusive  rights  to  market  a  sports
memorabilia  catalog owned by the  division's  president,  pursuant to which the
Company  receives a fixed  commission  on sales.  In  addition,  the  Company is
seeking to accumulate a catalog of professional football,  baseball,  basketball
and hockey memorabilia.  The catalog includes autographed athletic attire, sport
trading cards and sports  paraphernalia used by prominent athletes.  The Company
will seek to sell these catalog  items and other  acquired  memorabilia  through
various mediums  including,  trade shows,  mail order and retail sales. To date,
revenues from operations have been limited.

         Establishing  and maintaining a presence in each of the Company's areas
of  concentration,  (i.e.,  boxing  management  and team sports  player  agency)
require significant  expenditures.  Each sports specific division must develop a
roster of clients,  establish  relationships within their prospective sports and
develop  support  services  to provide to the  athletes.  Only a portion of such
expenses  incurred by the Company will result in the  engagement  by a client of
the Company's  services,  and it is often uncertain the extent to which, even if
retained,  a target client will generate significant revenues to the Company. In
addition,  the Company incurs significant training expenses for the boxers under
the Company's  management,  not all of which are directly reimbursed pursuant to
bout agreements for such boxers.  In the development of a boxer,  particularly a
young  amateur  boxer,  into a  professional  boxer who can command  significant
purses,  such  expenses  can be incurred  over a period of years and  constitute
hundreds of thousands of dollars or more. The Company must


<PAGE>





continuously  incur such  expenses  in  contemplation  of future  revenues,  the
receipt of which is uncertain.

     The Company's revenues are directly related to the earnings of its clients.
The Company derives revenues based upon a percentage, currently ranging from 15%
to 27-1/2%,  of the boxers'  purses from  professional  bouts.  The Company also
derives  revenues based upon a percentage of salaries and other income  received
from contracts,  endorsement  arrangements and other income producing activities
of  athletes  for  whom  the  Company  or  its  management   acts  as  agent  or
representative.  These percentages currently range from 4% and 3%, respectively,
for professional basketball and football player contracts (although occasionally
lower  percentages  are agreed upon) to 10% or 20% for endorsement and marketing
revenues.


     The timing of receipt of  revenues  by the  Company is subject to  seasonal
variations  with respect to revenues  generated  from the  negotiation of player
contracts and subject to irregular patterns in the case of boxing purse revenues
as a result of the irregular occurrence of the bouts. In addition, the magnitude
of the Company's  revenues can be expected to experience wide fluctuations based
upon the success or failure of the Company's boxers or the negotiation of player
contracts  with  significant  bonus  provisions.  The  Company's  WWBN  and WWFM
divisions  can be expected to incur  significant  expenditures  during the first
eight  months  of each  calendar  year  (particularly  March  through  July) for
recruitment  and related  expenses,  and to receive its revenues during the last
four and first three months of the year during the NFL and NBA  seasons.  If the
Company  were to expand into the  representation  of baseball  players (or other
professional  athletes with a  spring/summer  season),  of which there can be no
assurance, the effects of such seasonality would be diminished.

        Three months Ended March 31, 1998 Compared with Three months Ended March
31, 1997

Net  revenues  for the three  months  ended  March 31,  1998 were  $717,072,  as
compared to $62,575 for the three  months  ended March 31,  1996.  Purse  income
increased to $586,738  for the 1998 period,  as compared to $21,750 for the 1997
period as a result of the size of the  purse  for a Shannon  Briggs  heavyweight
championship  fight.  In addition,  during the quarter ended March 31, 1998, the
Company  recognized  contract  agency  fees of  $37,500,  commission  income  of
$43,167,  and  Marketing  fees of $35,525,  from  representation  of team sports
athletes. In the same period in 1997, these sources of income aggregated $40,828

         Total  expenses for the three months ended March 31, 1998  increased to
$1,052,502, as compared to $809,691.  Training and related expenses increased to
$290,726  for the three  months  ended March  31,1998  from $29,051 for the 1997
quarter,  as a result  of the  preparation  for the  Briggs  championship  bout.
Promotion  and other  operating  expenses  decreased  to  $761,776  for the 1998
quarter as compared to $780,640 for the 1997 quarter.

                  As a result of the  foregoing,  net loss for the three  months
ended March 31, 1997 decreased to $326,341 as compared to $724,360 for the March
31, 1997 quarter.

Liquidity and Capital Resources

The Company's  principal source of operating capital has been provided by public
and  private  sales of the  Company's  equity  securities,  as  supplemented  by
revenues from operations. At March 31, 1998, the


<PAGE>





Company  had working  capital of  $3,312,691,  which  amount was  primarily  the
remaining  net proceeds from the Company's  initial  public  offering in October
1996 as supplemented by proceeds of private  placements in the fourth quarter of
1997 and first quarter of 1998.

The  Company's  material  commitments  for capital  expenditure  are  management
salaries,  anticipated  training expenses and recruitment  expenses.  Management
salaries  are  approximately  $825,000  per annum,  which could  increase if the
Company develops a need for additional executive  management.  Training expenses
for the year are estimated at approximately $400,000,  depending upon the number
of bouts.  Recruitment  and  promotional  expenses are estimated to  approximate
$1,000,000,  subject  to  variations  depending  upon  player  availability  and
recruiting success.  The foregoing  represents the expected  significant uses of
working  capital  during the next twelve months.  Although the Company  believes
that its  current  cash  and cash  equivalents  will be  sufficient  to fund its
operations over the next 12 months or longer, there can be no assurance that the
Company  will have  sufficient  revenues  after such time to fund its  operating
requirements.  Accordingly,  the  Company  may be  required  to seek  additional
financing through bank borrowings, private or public debt or equity financing or
otherwise.  There can be no assurance  that any such financing will be available
to the Company on favorable terms, if at all.



<PAGE>






PART II.

Item 1. Legal Proceedings.

         None.

Item 2. Changes in Securities

         (a) None

         (b) None

         (c) None

Item 3. Defaults Upon Senior Securities

         None

Item 4. Submission of Matters to a Vote of Security Holders

         None

Item 5. Other Information

         None

Item 6. Exhibits and Reports on Form 8-K

         None


<PAGE>





SIGNATURES

         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                          Worldwide Entertainment & Sports Corp.
                                                        (Registrant)

                                             /s/ Marc Roberts
Date       May 15, 1998                    ___________________________________
    -------------------------
                                                 Marc Roberts, President


                                             /s/ Roy Roberts
Date       May 15, 1998                    ___________________________________
    ________________________               Roy Roberts, Chief Financial Officer