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 June 30, 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                                     22-3393152
        (State or Other Jurisdiction                         (IRS 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)



     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 -  7,137,197 shares

         Transitional Small Business Disclosure Format (check one):
Yes ______        No _______

                                        1

<PAGE>






PART I.

Item 1.       Financial Statements


                     WORLDWIDE ENTERTAINMENT & SPORTS CORP.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                  JUNE 30, 1998
                                   (Unaudited)



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

  Cash and cash equivalents                                                                         $ 1,041,805
  Certificates of deposit                                                                               518,480
  Accounts receivable, less allowances for doubtful accounts of $90,000                                 292,236
  Prepaid expenses and other current assets                                                              32,279
  Due from boxers and other related parties, net of allowances of $225,580                              307,464
  Inventory of memorabilia                                                                              327,415
                                                                                                   -------------
                          Total Current Assets                                                        2,519,679

PROPERTY AND EQUIPMENT-AT COST, net of accumulated
       depreciation                                                                                      48,885

OTHER ASSETS
 Due from related party                                                                                  49,531
 Security deposit and other assets                                                                       13,950
                                                                                                         63,481

                         Total assets                                                              $  2,632,046
                                                                                                    ------------
</TABLE>




       See notes to Unaudited Condensed Consolidated Financial Statements.









                                        2

<PAGE>










                     WORLDWIDE ENTERTAINMENT & SPORTS CORP.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                  JUNE 30, 1998
                                   (Unaudited)



                                                    LIABILITIES

<TABLE>

<S>                                                                        <C>    


CURRENT LIABILITIES:
  Accounts payable                                                         $           72,957
  Accrued expenses                                                                    170,164
  Escrow funds and amounts due boxers                                                 155,344
  Income taxes payable                                                                    600
                                                                            -----------------
                       Total Current Liabilities                                      399,065

STOCKHOLDERS' EQUITY
  Common stock, $.01 par value; authorized 20,000,000 shares;
      shares issued 7,137,197                                                          71,372
  Additional paid-in capital                                                       10,018,231
  Accumulated deficit                                                              (7,844,272)
  Demand note receivable on private issuance of Common Stock                          (12,350)
                                                                                    2,232,981
                                                                            -----------------



                         Total Liabilities and Stockholders' Equity        $        2,632,046
                                                                             -----------------

</TABLE>




       See notes to Unaudited Condensed Consolidated Financial Statements.

                                        3

<PAGE>





                     WORLDWIDE ENTERTAINMENT & SPORTS CORP.
             CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>

                                               Three Months Ended June 30,                       Six Months Ended June 30,

<S>                                  <C>                     <C>                    <C>                      <C>

                                            1998                          1997                    1998                    1997
                                            ----                          ----                    ----                    ----
Purse income                         $         17,774         $          5,451      $          604,512        $         27,201


Commission income                               4,125                   11,994                  47,292
Contract and agency fees                       12,070                    1,283                  49,570
Marketing fees                                 28,500                        -                  64,025
Television income                                                       87,500                                          87,500
Endorsement income                                                      23,825                                          38,825
Ticket revenues                                                         31,105                                          31,105
Merchandise revenues                          143,474                                          157,616                  27,108
                                       --------------          ---------------        ----------------          --------------
                                              205,943                  149,164                 923,015                 211,739
                                       --------------          ---------------        ----------------          --------------
Training and related expenses                 147,871                  301,682                 438,597                 330,733
Promotion and other                         1,371,184                  876,837               2,132,960               1,657,477
operating expenses
                                            1,519,055                1,178,519               2,571,557               1,988,210

                                       --------------          ---------------        ----------------          --------------
Loss from operations                      (1,313,112)              (1,029,355)             (1,648,542)             (1,776,471)
                                       --------------          ---------------        ----------------          --------------
Other income and (expenses):
Interest and dividend income                   40,645                   35,393                  50,793                  68,748
Interest expense
Other                                           1,377                  (4,513)                   2,172                (10,792)
                                               42,022                   30,880                  52,965                  57,956
                                       --------------          ---------------        ----------------          --------------
Loss before income taxes                  (1,271,090)                (998,475)             (1,595,577)             (1,718,515)
Income taxes                                    1,376                    2,169                   3,230                   6,489
NET LOSS                             $    (1,272,466)         $    (1,000,644)      $      (1,598,807)        $    (1,725,004)
                                       ==============          ===============        ================          ==============


LOSS PER SHARE                       $        (0.18)          $         (0.19)       $         (0.24)         $         (0.33)
                                       =============           ===============        ===============          ===============

 WEIGHTED AVERAGE                         6,999,697                 5,153,255               6,672,554               5,153,255
                                      =============             ==============        ===============          ===============
</TABLE>

       See notes to Unaudited Condensed Consolidated Financial Statements.



                                        4

<PAGE>





                     WORLDWIDE ENTERTAINMENT & SPORTS CORP.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                 For the Six Months Ended June 30, 1998 and 1997
                                   (Unaudited)

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

                                                                                 1998                         1997
                                                                                 ----                         ----

Cash Flow from Operating Activities                                        $   (1,669,056)             $    613,418

Cash Flows from Investing Activities                                           (  498,413)               (1,383,525)

Cash Flows from Financing Activities                                            1,467,311                     1,500
                                                                           -----------------            ----------------

Net Increase (Decrease) in Cash and Cash Equivalents                              296,668                  (768,607)

Cash and Cash Equivalents at Beginning of Period                                  745,137                 1,091,505
                                                                           -----------------            ----------------

Cash and Cash Equivalents at End of Period                              $        1,041,805          $       322,898
                                                                          =================            =================

Supplemental Disclosures of Cash Flow Information:
         Cash Paid During the Year for:
             Income Taxes                                               $            1,703          $         6,489
                                                                          ====================         ==================

</TABLE>

       See notes to Unaudited Condensed Consolidated Financial Statements.






                                        5

<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 six months
        ended June 30, 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. The excess of
        the accumulated deficits of these 80% owned subsidiaries over the equity
        capital  thereof  has been  included  in the  operations  of the  Parent
        Company (WWES).

        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.  Merchandise
        revenue is recognized upon the sale of memorabilia merchandise.

        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.

        4. The Company files a  consolidated  federal  income tax return and has
        net  operating  loss  carryforwards  for  Federal  income tax  purposes,
        expiring  in 2018  amounting  to  approximately  $8,000,000,  and  other
        differences  for tax purposes  amounting to  approximately  $20,000.  No
        deferred tax asset is shown on the accompanying  condensed  consolidated
        balance sheet due to a related valuation  allowance equal to the balance
        of the deferred tax asset.

        5. For  purposes  of the  statement  of cash  flows,  all highly  liquid
        investments  with  original  maturities  of  three  months  or less  are
        considered  to be cash  equivalents.  Cash  balances are  maintained  in
        several financial  institutions insured by the Federal Deposit Insurance
        Corporation.  At June 30, 1998,  the Company's  uninsured  cash balances
        amounted to approximately $320,300.


                                        6

<PAGE>





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

NOTE B       -    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-CONTINUED

         6. Inventory is stated at cost or market,  which ever is lower. Cost is
         determined by the first-in, first-out method.

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 October 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.

         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 664,442 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 722,315  restricted
         shares of common stock in  connection  with several  private  placement
         transactions  for an  aggregate  amount  of  $1,625,209.  The  costs in
         connection with these sales amounted to approximately $ 50,000.

         During  the  second   quarter  of  1998,  the  Company  issued  215,000
         restricted  shares of common stock,  with a fair value of $194,000,  in
         connection with legal, consulting and other services rendered on behalf
         of the Company.

NOTE D       -   STOCK  OPTION PLAN

         July 1, 1996, WWES adopted the 1996 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.


                                        7

<PAGE>





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.






                                        8

<PAGE>





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

NOTE E -  COMMITMENTS  AND OTHER MATTERS-CONTINUED

        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 and loans
        and exchanges with the minority stockholders.


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
Teams 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

                                        9

<PAGE>





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
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  up  to  3%  or  4%,
respectively,   for  professional   football  and  basketball  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 WWTS subsidiary 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.

        Six  Months Ended June 30, 1998 Compared with Six  Months Ended June 30,
        1997

         Net revenues for the six months ended June 30, 1998 were  $923,015,  as
compared  to  $211,739  for the six months  ended June 30,  1997.  Purse  income
increased to $604,512  for the 1998 period,  as compared to $27,201 for the 1997
period as a result of the size of the  purse  for a Shannon  Briggs  heavyweight
championship fight. In addition,  during the six months ended June 30, 1998, the
Company  recognized  merchandise  revenues from the sale of  memorabilia,  which
operation  was  started in March 1998.  Television  revenue in 1997 was from the
receipts from a televised boxing card promoted and managed by the Company.
No similar operations were undertaken by the Company in 1998.

         Total  expenses  for the six months  ended June 30, 1998  increased  to
$2,571,557,  as compared to $1,988,210.  Training and related expenses increased
to $438,597 for the six months  ended June  30,1998  from  $330,733 for the 1997
period,  as a  result  of the  preparation  for the  Briggs  championship  bout.
Promotion and other  operating  expenses  increased to  $2,132,960  for the 1998
six-month  period  as  compared  to  $1,657,477  for the  1997 six  months.  The
principal  increase in these expenses  relates to the opening of the memorabilia
division.

         As a result of the  foregoing,  net loss for the six months  ended June
30, 1998  decreased to $1,598,807 as compared to $1,725,004  for the  comparable
June 30, 1997 period.

                                       10

<PAGE>






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 June 30, 1998, the Company had working capital
of  $2,120,614,  which amount was  primarily the remaining net proceeds from the
Company's 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  $600,000,  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.

                                       11

<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

                                       12

<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)


Date:      August 14, 1998             /s/ Marc Roberts, President
                                       __________________________________
  
                                       Marc Roberts, President
                                      (Principal Executive Officer)


Date:      August 14, 1998            /s/ Roy Roberts, Chief Financial Officer
                                      ___________________________________
                                      Roy Roberts, Chief Financial Officer
                                      (Principal Financial Officer)

                                       13