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

                                   FORM 10-QSB

                                   (Mark One)

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

                         For the quarterly period ended
                              September 30, 1997.

         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 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 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 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, $.01par value - 5,317,755 shares

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




<PAGE>









PART I.

Item 1. Financial Statements


                     WORLDWIDE ENTERTAINMENT & SPORTS CORP.
                      CONDENSED CONSOLIDATED BALANCE SHEET
                               SEPTEMBER 30, 1997
                                   (Unaudited)



                                     ASSETS


CURRENT ASSETS:
  Cash and certificates of deposit                               $       339,740
  Marketable securities (at fair market value)                         1,046,020
  Accounts receivable, net of allowance for 
     doubtful accounts of $600                                           142,149
  Due from athletes and other related parties
     , net of reserves of $177,604                                       401,020
  Other current assets                                                    10,710
                                                                      ==========
                                                                       1,939,639




PROPERTY AND EQUIPMENT - AT COST
Less accumulated depreciation of $41,836                                  21,855


OTHER ASSETS                                                              11,811
                                                                      ==========
                                                              $        1,973,305

See Notes to Unaudited Condensed Consolidated Financial Statements.




<PAGE>






                     WORLDWIDE ENTERTAINMENT & SPORTS CORP.
                      CONDENSED CONSOLIDATED BALANCE SHEET
                               SEPTEMBER 30, 1997
                                   (Unaudited)

                                   LIABILITIES


CURRENT LIABILITIES:
Accounts payable                                                $        149,007
Accrued expenses                                                          15,126
Compensation and related items                                            55,450
Escrow funds payable                                                     149,156
Due to officer                                                            68,826
Income taxes payable                                                         450
                                                                         =======
                                                                         438,015

STOCKHOLDERS' EQUITY (CAPITAL DEFICIENCY):
     Preferred stock, $.01 par value; authorized 5,000 shares; no shares
          Issued                                                              -
     Common stock, $.01 par value; authorized 20,000,000 shares;
             5,317,755 shares issued                                      53,178
         Additional paid-in capital                                    6,979,166
         Accumulated deficit                                         (5,486,113)
         Demand note receivable on private issuance of Common Stock     (12,350)
            Unrealized gain on marketable securities                       1,409
                                                                       =========
                                                                       1,535,290
                                                                       =========
                                                              $        1,973,305

      See Notes to Unaudited Condensed Consolidated Financial Statements.






                     WORLDWIDE ENTERTAINMENT & SPORTS CORP.
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                        Three Months Ended September 30,                       Nine Months Ended September 30,

<S>                                    <C>                      <C>                       <C>                        <C>  
                                        1997                      1996                       1997                      1996
Purse income                   $        12,094           $        5,500             $        39,295           $        127,687
Commission income                                                                                                       22,791
Ticket revenues                            248                   12,636                      31,353                     12,636
Merchandise revenues                                                                                                     1,008
Agency and endorsement fee revenue      97,326                    7,396                     163,259                     18,446
Television income                                                                            87,500
                                        ======                   ======                      ======                     ======
                                       109,668                   25,532                     321,407                    182,568
Training and related expenses           41,518                   18,491                     372,251                     71,064
Promotion and other operating expenses 724,514                  460,544                   2,381,991                  1,195,690

Other expenses                                                   50,000                                                 50,000
                                       766,032                  529,035                   2,754,242                  1,316,754
Loss from operations                  (656,364)                (503,503)                 (2,432,835)                (1,134,186)
Other income and expenses:
Interest and dividend income             14,844                      13                      83,591                        459
Interest expense                                                (50,456)                                              (123,263)
 Other                                  (9,520)                                             (10,862)
                                         5,324                  (50,443)                     72,729                   (122,804)
Loss before income taxes              (651,040)                (553,946)                 (2,360,106)                (1,256,990)
Income taxes                                                       (310)                      6,488                        440
NET LOSS                     $        (651,040)                (553,636)         $       (2,366,594)        $       (1,257,430)

LOSS PER SHARE                $          (0.12)           $       (0.14)            $         (0.45)           $        (0.33)
WEIGHTED AVERAGE OF
COMMON SHARES OUTSTANDING            5,317,755                3,841,205                   5,206,970                 3,826,484

</TABLE>

      See Notes to Unaudited Condensed Consolidated Financial Statements.


<PAGE>


                          WORLDWIDE ENTERTAINMENT & SPORTS CORP.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                        For the Nine Months Ended September 30,
                                            1997                       1996

Cash Flows from Operating Activities  $ (2,372,994)      $       (1,235,482)

Cash Flows from Investing Activities     1,404,479                   63,890

Cash Flows from Financing Activities       216,750                  612,957

Net Increase (Decrease) in Cash           (751,765)                (558,635)

Cash at Beginning of Year                1,091,505                  547,136

Cash (Overdraft) at End of Period     $    339,740        $         (11,499)

Supplemental Disclosures of Cash Flow Information:
         Cash Paid During the Year for:
                  Income Taxes        $      6,489        $           1,000
                  Interest            $                   $           1,711

       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.
 
     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 and nine month
periods ended September 30, 1997 are not necessarily indicative of results to be
expected for the entire year ending December 31, 1997.

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., which company is 80% owned.

     2. Purse revenue is recognized  upon completion of a fight, as a percentage
of the boxer's purse.  Commission and endorsement  income is recognized upon the
completion of the  contracted event. Ticket  revenues are  recognized  upon the
commencement of a scheduled fight. Agency fee revenue is recognized ratably over
the various athletic seasons.

     3. Loss per share is computed by dividing net loss by the weighted  average
number of shares of Common  Stock  outstanding  during the period.  Common Stock
equivalents have not been included in this computation since the effect would be
anti-dilutive.

<PAGE>

                     WORLDWIDE ENTERTAINMENT & SPORTS CORP.
         NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-CONTINUED

NOTE C    -    SALE OF COMMON STOCK

     On October 22, 1996, the Company sold 1,400,000 Units,  each comprising one
share of its Common  Stock,  $.01 par value,  and one  Redeemable  Common  Stock
Purchase Warrant in an initial public offering. Each Redeemable Warrant entitles
the holder to purchase one share of Common Stock at $7.20 commencing October 22,
1997 until October 21, 2001. The proceeds from this  transaction  (approximately
$7.5  million)  were  used, in  part,  to  repay  outstanding  indebtedness  of
approximately  $2,150,000 and costs and expenses of the offering.  The remainder
has been  and  will be used for  operating  purposes  and has been  invested  in
short-term securities.

NOTE D     -    OTHER  ITEMS

     1. On August 29, 1996 a settlement agreement was reached with a trainer for
one of the  boxers  which  provided  for  termination  of a  contract  which was
previously made with such trainer. A payment of $50,000 was made on September 6,
1996. Another payment of $50,000 was paid in October 1996.

     2. On May 5, 1997,  the Company and Joel Segal  entered into an  agreement,
whereby  Segal  became an employee of  Worldwide  Football  Management  , Inc. a
wholly-owned subsidiary.  Segal is a well known football agent and will lead the
Company's efforts in that sport.

     3.  During  the  quarter  ended  June 30,  1997,  the  Company  charged  to
operations  the  remaining  balance of the cost of a consulting  agreement  with
Summit Management Group.  Summit was to identify and assist in the recruiting of
players for the Company;  however,  no players were identified or recruited as a
result of Summit's efforts.

     4. On July 7, 1997,  the Company sold 100,000 shares of its Common Stock in
a private  transaction.  The price was the market price on that date,  $1.25 per
share.

NOTE E -     SUBSEQUENT EVENTS

     On October 7, 1997, the Company  commenced a Confidential  Private Offering
for the sale of a minimum of 444,444 shares and a maximum of 1,555,556 shares of
Common Stock at a price of $2.25 per share.  The net  proceeds of this  offering
are to be used principally for working capital,  debt repayment and acquisition.
On November  19,  1997,  the Company  held the initial  closing of such  private
offering,  selling an aggregate of 492,222 shares,  generating gross proceeds of
$1,107,500.  The  Company is  continuing  to seek to sell the  remaining  shares
offered  pursuant to such private  offering.  

     On October 22, 1997,  the  Company,  through its  wholly-owned  subsidiary,
Worldwide Bobcats Football,  Inc., executed a preliminary  agreement in the form
of term  sheets to  acquire  all of the  assets  and  assume  certain  specified
liabilities of Florida Sports  Enterprises,  L.P. which owns the Florida Bobcats
Arena  Football  team.  The purchase  price is $1,937,500 in cash plus 1,100,000
shares of  unregistered  Common  Stock.  The Company is currently  attempting to
negotiate a Purchase and Sale Agreement  relating to such acquisition and  to
negotiate the final terms and conditions thereof. Assuming the execution of such
an agreement,  the closing of the  transaction  will be dependent  upon numerous
conditions  and there can be no assurance  that all of such  conditions  will be
satisfied or that the closing will occur.

<PAGE>


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 previously  controlled by
the Company's Chief Executive Officer. In addition, in January 1996, the Company
formed Worldwide Team Sports,  Inc. ("WWTS") and hired a registered NFL contract
advisor.  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  Executive  Vice  President,
respectively.   In  March  1997,  the  Company   established   Worldwide  Sports
Promotions,  Inc. for the purpose of promoting sporting events. Through WWBM and
WWTS,  the Company has  expanded  into the field of player  agency and  contract
advisory services. The Company had only limited experience in the negotiation of
player  contracts,  and  consequently in May 1997, the Company formed  Worldwide
Football  Management  Inc. and retained the services of another  registered  NFL
Agent.  To date,  the Company  has  generated  limited  revenues  from  contract
advisory services to professional football and basketball players.

         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  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 up to 4% for  professional
basketball  and  football  player  contracts  to a  range  of  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.

<PAGE>

Nine months Ended  September 30, 1997 Compared with Nine months Ended  September
30, 1996

     Net revenues for the nine months ended September 30, 1997 were $321,407, as
compared to $182,568 for the nine months  ended  September  30,  1996.  Although
during the nine months  ended  September  30,  1997,  the  Company was  actively
engaged in the  management of its four boxers (the same as the  comparable  1996
period),  one of the  Company's  boxers,  Ray  Mercer,  was  forced  to cancel a
scheduled  bout during the current  period due to a neck injury.  Mr. Mercer has
undergone surgery to correct the injury, and the Company has been advised by Mr.
Mercer's physician that Mr. Mercer may engage in bouts as early as January 1998.
Historically,  Mr.  Mercer's  bouts have  generated  the  largest  purses of the
Company's  boxers.  Accordingly,  purse income decreased to $32,295 for the nine
months  ended  September  30, 1997 as  compared to $127,687  for the nine months
ended  September  30,  1996 as a result of a decrease in the number of bouts for
the  Company's  boxers.  During the nine months ended  September  30, 1997,  the
Company recognized agency, endorsement and commission income from representation
of team sports  athletes,  aggregating  $97,326.  Such revenues  received by the
Company  during the same period in 1996  amounted to $41,237.  This  increase is
attributable  to an  increase  in the  number  of  player's  represented  by the
Company.  During the nine months ended September 30, 1996, the Company purchased
tickets to bouts and then  resold  the  tickets  to aid in the  distribution  of
tickets. Such practice was not for the purpose of generating gain on the sale of
the tickets,  and such practice was suspended in late 1996.  Accordingly,  there
was limited  ticket  revenues  for the nine months ended  September  30, 1996 of
$12,636, as compared to $31,535 for the 1997 period, when the Company started to
promote  fights  for its own  boxers.  Such  revenues  are  largely  offset by a
corresponding  expense for promoting  costs.  In addition,  in 1997, the Company
received $87,500 of television revenue for the fights it promoted.

     Total  expenses  increased for the nine months ended  September 30, 1997 to
$2,754,252  from  $1,316,754  for the nine  months  ended  September  30,  1996.
Promotion and other  operating  expenses  increased to  $2,381,991  for the nine
months ended September 30, 1997 as compared to $1,195,690 for the  corresponding
1996 period as a result of increased  expenses of (i) approximately  $200,000 of
travel and entertainment  expenses and signing bonuses of $105,000,  incurred in
connection with the recruitment of professional  football players and Agents for
the Team Sports Division and in connection with bouts for the Company's  boxers,
and (ii) approximately $350,000 in increased payroll expenses as a result of the
hiring of professional NFL agents,  the  compensation of the Corporate  officers
and additional staff personnel, and (iii) additional professional and consulting
fees of approximately  $150,000 due to the public status of the Company in 1997.
The nine month period ended September 30, 1996 also included $72,807 of interest
expense  attributable to the 10% promissory  notes issued in connection with the
Company's  private placement which originated in September 1995. Such notes were
repaid in full with the proceeds of the  Company's  Initial  Public  Offering in
October 1996. In the nine months ended  September 30, 1997,  operations  include
$190,000 of expense  related to an agreement  with the a  consultant,  which the
Company has charged off due to non-performance,  and $96,105 of expenses related
to the issuance of common stock to  consultants to pay  liabilities  and claims.
Accordingly, the Company's net loss for the nine months ended September 30, 1997
increased to $2,366,594 from $1,257,430 for the corresponding 1996 period.

Liquidity and Capital Resources

     Prior to October 1996, the Company's  principal source of operating capital
had been  provided  by  loans  and  capital  contributions  from  the  Company's
stockholders  as well as private  sales of the  Company's  debt  securities.  On
October 22, 1996, the Company sold 1,400,000 Units, each comprising one share of
Common Stock and one  Redeemable  Common Stock Purchase  Warrant,  in an Initial
Public Offering. Net proceeds to the Company was approximately $7.5 million. The
proceeds  were used to repay  approximately  $2,150,000  of debt and $550,000 of
costs  associated with the offering.  The balance of the proceeds have been used
for working  capital since October 1996. At September 30, 1997,  the Company had
approximately  $1,501,624 of working  capital,  of which $1,385,760 was cash and
short-term investments.

<PAGE>

         The  Company  may  relocate  its  administrative   offices  and  boxing
facility.  It is  anticipated  that  the  Company  will  incur  expenditures  of
approximately $150,000 in connection therewith. Management salaries (aggregating
approximately  $650,000 per annum) and anticipated  training expenses (estimated
at  approximately  $475,000,  depending upon the number of bouts)  represent the
expected  significant uses of working capital during the next twelve months,  as
well as  recruitment  expenses  (estimated to approximate  $650,000,  subject to
variations  depending upon player  availability and recruiting success) and rent
(approximately $108,000 per annum).

     On October 22, 1997,  the  Company,  through its  wholly-owned  subsidiary,
Worldwide Bobcats Football,  Inc., executed a preliminary  agreement in the form
of term  sheets to  acquire  all of the  assets  and  assume  certain  specified
liabilities of Florida Sports  Enterprises,  L.P. which owns the Florida Bobcats
Arena  Football  team.  The purchase  price is $1,937,500 in cash plus 1,100,000
shares of  unregistered  Common  Stock.  The Company is currently  attempting to
negotiate a Purchase  and Sale  Agreement  relating to such  acquisition  and to
negotiate the final terms and conditions thereof. Assuming the execution of such
an agreement,  the closing of the  transaction  will be dependent  upon numerous
conditions  and there can be no assurance  that all of such  conditions  will be
satisfied or that the closing will occur.  The consumation of the acquisition of
the  Bobcats  can be  expected  to require  several  million  dollars to finance
acquisition  costs  and  working  capital  for the  operation  of the  team.  In
addition, the Company may be required to provide a letter of credit to the Arena
Football  League in connection  with the league  approval  process.  The Company
intends to conduct a private  placement or public  offering of its securities to
satisfy such financing requirements.  There can be no assurance that the Company
will be successful in conducting such private placement or otherwise  satisfying
such financing requirements.

     The Company  believes that the proceeds of its October 1996 initial  public
offering  will be sufficient  to fund its  operations  over the next 3 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
will be required to seek additional  financing through bank borrowings,  debt or
equity  financings  or  otherwise.  There  can be no  assurance  that  any  such
financing will be available to the Company on favorable terms, if at all, in the
future.  On July 7, 1997, the Company sold 100,000 shares of its Common Stock in
a private  transaction  generating  net proceeds of $125,000.  Additionally,  on
October 7, 1997, the Company  commenced a Confidential  Private Offering for the
sale of a minimum of 444,444 shares and a maximum of 1,555,556  shares of Common
Stock at $2.25 per share ($965,000 and $3,465,000, net proceeds,  respectively).
On November  19,  1997,  the Company  held the initial  closing of such  private
offering,  selling an aggregate of 492,222 shares,  generating gross proceeds of
$1,107,500,  The  Company is  continuing  to seek to sell the  remaining  shares
offered pursuant to such private offering.
<PAGE>

PART II.

Item 1. Legal Proceedings.

         None.

Item 2. Changes in Securities

         (a) None

         (b) None

         (c)  Incorporated  by  reference  from  Part  II  of  the  Registration
Statement on Form SB-2,  Registration No. 333-8855,  declared  effective October
22, 1996.

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)

Date   November 19, 1997            /s/ Marc Roberts
                                    Marc Roberts, President

Date   November 19,1997             /s/ Roy Roberts
                                    Roy Roberts, Chief Financial Officer