SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

         Mark One
                           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
           [X ]                     THE SECURITIES EXCHANGE ACT OF 1934

         For the quarterly period ended         January 31, 2002
         -----------------------------------------------------------

                                       OR

              TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
           [  ]                    THE SECURITIES EXCHANGE ACT OF 1934

                        For the transition period from to
                           ------------- ------------

         Commission file number         0-17263
                                -------------------------------------


                             CHAMPIONS SPORTS, INC.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


                               Delaware                  52-1401755
                               ------------------------------------
                       (State or other jurisdiction of    (I.R.S. Employer
                                organization)          Identification No.)

                2420 Wilson Blvd., Suite 214, Arlington VA 22201
                ------------------------------------------------
                    (Address of principal executive offices)
                                   (Zip code)

                                 (703) 526-0400
                                ----------------
              (Registrant's telephone number, including area code)

     Indicate  by check mark  whether the  Registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  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

     As of March 15,  2002 the  Registrant  had a total of  8,514,459  shares of
common stock outstanding.

                                                         1

<PAGE>




                             CHAMPIONS SPORTS, Inc.

                                   FORM 10-QSB

                                      INDEX

                                                                         Page

Part I.           Financial Information

                  Item 1. Financial Statements

                  Consolidated Balance Sheets as of
                    January 31, 2002 (unaudited) and
                    April 30, 2001                                          3

                  Consolidated Statements of Operations:
                    Three months and nine months ended
                    January 31, 2002, and  January 31, 2001,
                          (unaudited)                                       4

                  Consolidated Statements of Cash Flows:
                    Nine months ended January 31, 2002, and
                    January 31,2001 (unaudited)                             5

                  Notes to Consolidated Financial Statements                6

                  Item 2. Management's Discussions and
                           Analysis of Financial Condition
                           and Results of Operations                        7

Part II.          Other Information and Signatures

                  Item 4. Submission of Matters to a Vote
                           of Security Holders                              9

                  Item 6. Exhibits and Reports on Form 8-K                  9

                  Signatures                                               10





                                                         2

<PAGE>





                     CHAMPIONS SPORTS, INC. AND SUBSIDIARIES
                           Consolidated Balance Sheets
                                     Assets

<TABLE>
<CAPTION>

                                                           January 31          April 30,
                                                              2002               2001
                                                         -------------------------------
                                                            UNAUDITED
<S>                                                         <C>            <C>
Current assets
Cash and cash equivalents ................................   $   282,849    $   451,650
Accounts receivable - trade ..............................           300          1,326
Inventories ..............................................        23,005         25,056
Prepaid expenses .........................................        14,764         17,411
Deferred tax asset .......................................          --             --

Total current assets .....................................       320,918        495,443
                                                                            -----------

Property and equipment
Furniture and equipment ..................................       570,261        562,981
Leasehold improvements ...................................       584,772        584,772
                                                                            -----------
                                                               1,155,033      1,147,753
Accumulated depreciation and amortization ................      (864,327)      (828,013)
                                                                            -----------
                                                                 290,706        319,740
                                                                            -----------
Other assets
Available for sale investments, at cost ..................        50,000         50,000
Deposits .................................................        11,052         11,052
                                                                            -----------
Total assets .............................................   $   672,676    $   876,235
                                                                            ===========

Liabilities and Stockholders' Equity

Current liabilities
Accounts payable .........................................   $    60,360    $   126,240
Dividend payable on preferred stock ......................       511,442        447,692
Other accrued expenses ...................................        44,230         58,479
Deferred Revenues ........................................          --           64,625
Current portion of deferred lease concession .............         4,363          4,363
Current portion of capital lease obligation ..............         4,683         10,283
                                                                            -----------
Total current liabilities ................................       625,078        711,682
                                                                            -----------

Capital lease obligation, net of current portion .........          --            1,940
Deferred lease concession, net of current portion ........         8,286         11,556
Total liabilities ........................................       633,364        725,178
                                                                            -----------



Stockholders' equity

Series A, 12% Convertible Cumulative; $10 par value;
  preferred as to dividendsand liquidation;
  56,075 shares authorized; 53,125 shares issued and
  outstanding for January 31, 2002 and April 30, 2001
 respectively                                                    531,252        531,252

Common stock, par value $.001 per share, 50,000,000
  shares authorized; 8,514,459 shares issued and
  outstanding at January 31,2002 and April 30, 2001,
 respectively ............................................         8,514          8,514
Additional paid-in capital ...............................     5,357,598      5,337,599
Accumulated deficit ......................................    (5,858,052)    (5,726,308)
                                                                            -----------
Total stockholders' equity ...............................        39,312        151,057
                                                                            -----------
Total liabilities and stockholders' equity ...............   $   672,676    $   876,235
                                                                            ===========

See notes to consolidated financial statements
</TABLE>




                                                         3

<PAGE>





      CHAMPIONS SPORTS, INC. AND SUBSIDIARIES
       Consolidated Statements of Operations
                     Unaudited

<TABLE>
<CAPTION>

                                                            Three months                 Nine Months
                                                           ended January 31,            ended January 31,
                                                         2002           2001         2002             2001
                                                       Unaudited                    Unaudited
<S>                                                <C>            <C>            <C>            <C>

Revenue
Food and beverage ...............................   $   506,775    $   460,900    $ 1,460,392    $ 1,414,600
Merchandise, memorabilia, and consulting fees ...         9,040          9,389        124,687        121,129
Interest income .................................         1,035          7,171          6,915         21,369
Other income ....................................         2,094             38          9,976          3,947
                                                    $   518,944    $   477,498    $ 1,601,970    $ 1,561,045
Costs and expenses
Cost of food and beverage sales .................   $   129,464    $   115,847    $   376,913    $   359,345
Cost of merchandise and memorabilia .............         6,517         32,333         70,467         97,464
Restaurant payroll and related costs ............       172,720        159,468        510,132        495,394
Restaurant occupancy costs ......................        62,690        107,354        185,828        213,473
Other restaurant costs ..........................        85,744         95,029        257,795        276,889
General and administrative ......................        86,469         90,331        231,169        255,630
Depreciation and amortization ...................        12,105         12,105         36,314         36,314
Interest ........................................           313            830          1,348          2,453
                                                    $   556,022    $   613,298    $ 1,669,966    $ 1,736,961

Operating income (loss) before income tax expense   ($   37,078)   ($  135,800)   ($   67,996)   ($  175,915)

Loss from discontinued operations ...............          --         (141,825)          --         (220,234)

Gain/(Loss) on security held for sale ...........          --             --             --          (50,000)

Income tax expense ..............................          --             --             --             --

Net income  (loss) ..............................   ($   37,078)   ($  277,625)   ($   67,996)   ($  446,149)

Less: preferred stock dividends .................       (15,938)       (15,938)       (47,814)       (47,814)

Net income (loss) available to common ...........   ($   53,016)   ($  293,563)   ($  115,810)   ($  493,963)
  stockholders

Basic earnings (loss) per share .................   ($     0.01)   ($     0.03)   ($     0.01)   ($     0.06)

Earnings (loss) per common share - assuming
  dilution ......................................   ($     0.01)   ($     0.03)   ($     0.01)   ($     0.06)

See notes to consolidated financial statements

</TABLE>






                                        4

<PAGE>




                     CHAMPIONS SPORTS, INC. AND SUBSIDARIES
                      Consolidated Statements of Cash Flows
                Increase (Decrease) in Cash and Cash Equivalents
                      For the nine months ended January 31,
                                    Unaudited

                                                          2002         2001
Cash flows from operating activities:
Net income (loss) ................................   ($ 67,996)   ($446,149)
Adjustments to reconcile net income to net
  cash provided (used) by operating activities:
Depreciation and amortization ....................      36,314       36,314
Loss from discontinued operations ................        --        220,234
Loss on securities held for sale .................        --         50,000
Changes in assets and liabilities:
Accounts receivable ..............................       1,026      110,608
Inventories ......................................       2,051      (27,717)
Prepaid expenses .................................       2,647        9,104
Deferred revenues ................................     (64,625)     100,000
Accounts payable .................................     (65,880)      70,214
Other accrued expenses ...........................     (14,249)     (16,575)
Deferred lease concessions .......................      (3,270)      (3,638)
Net cash provided (used) by
  operating activities ...........................    (173,982)     102,395

Cash flows from investing activities:
Purchases of property and equipment ..............      (7,280)     (19,913)
Leasehold improvements ...........................        --        (13,810)
Investment in discontinued operation .............    (220,234)
Stock subscription receivable ....................      20,000         --
Net cash (used) by investing activities ..........      12,720     (253,957)

Cash flows from financing activities:
Principal payments on capital lease ..............      (7,540)      (6,150)

Net increase (decrease) in cash and
  cash equivalents ...............................    (168,802)    (157,712)

Cash and cash equivalents at April 30, ...........     451,650      591,208
Cash and cash equivalents at January 31, .........     282,849      433,496

Supplemental disclosures of cash flow information:
Cash paid during the year for interest ...........       1,348        2,453

See notes to consolidated financial statements



                                        5

<PAGE>





                             CHAMPIONS SPORTS, INC.

                   Notes to Consolidated Financial Statements

                                January 31, 2002


Summarized Financial Information

Company or group of companies for which report is filed:

CHAMPIONS Sports, Inc. and Subsidiaries

     The  consolidated  balance sheet as of January 31, 2002,  the  consolidated
statements of operations and the  consolidated  statements of cash flows for the
three  months and nine months  ended  January 31, 2002 and January 31, 2001 have
been prepared by the company,  without audit. In the opinion of management,  all
adjustments  (which  include  only normal  recurring  adjustments)  necessary to
present fairly the financial position, results of operations and changes in cash
flow at January 31, 2002 and for all periods  presented have been made.  Certain
information and footnote  disclosures  normally included in financial statements
prepared in accordance with generally accepted  accounting  principles have been
omitted. It is suggested that these consolidated financial statements be read in
conjunction  with the financial  statements  and notes  thereto  included in the
Company's  10-KSB as of April 30, 2001. The results of operations for the period
ended January 31, 2002 are not necessarily  indicative of the operating  results
for the full year.


     This document contains "forward-looking  statements" (within the meaning of
the Private Securities  Litigation Act of 1995) that inherently involve risk and
uncertainties.  The Company's actual results could differ  materially from those
anticipated in the forward-looking statements as a result of unforeseen external
factors.  These factors may include,  but are not limited to, changes in general
economic  conditions,  the ongoing threat of terrorism,  customer  acceptance of
products offered and other general competitive  factors, and the ability to have
access to financing  sources on reasonable  terms.  Readers are cautioned not to
place  undue  reliance  on  these  forward-looking  statements,   which  reflect
management's  analysis,  judgment,  belief  or  expectation  only as of the date
hereof.





                                        6

<PAGE>

     Item 2.  Managements  Discussion  and Analysis of Financial  Condition  and
Results of Operations

Results of Operation

     For the nine month period ended  January 31, 2002,  the  Company's net loss
was $67,996 or ($0.01) per common share as compared to a net loss of $446,149 or
($0.06) per common share for the nine month period ended  January 31, 2001.  For
the nine months  ended  January 31,  2002,  the net loss was from the  Company's
ongoing  operations.  For the nine months ended January 31, 2001,  the Company's
ongoing  operations  generated a loss of $175,915,  the Company's  loss from its
discontinued  operation  was $220,234 and a loss of $50,000 from a security held
for trade.

     Dividends  accrued for the Company's  Preferred  Stock (net of conversions)
totaled $47,814.  The Company's assets decreased to $672,676 at January 31, 2002
from $876,235 at April 30, 2001. For the three months ended January 31, 2002 the
Company's  net loss from its ongoing  operations  was $37,078  compared to a net
operating loss of $135,800 during the three months ended January 31, 2001.

Revenues

     The Company's  total  revenues  increased  2.6% to $1,601,970  for the nine
months ended January 31, 2002 versus  $1,561,045 for the nine month period ended
January 31, 2001. By component,  food and beverage sales increased 3.2% from the
previous  year for the nine months and 9.9% for the three months period from the
previous  year.  The  increase in food and  beverage  sales is  attributed  to a
increase in customer  volume.  Merchandise  and  memorabilia  sales for the nine
months  ended  January 31,  2002  increased  slightly  to  $124,687  compared to
$121,129.  The  Company  provided  memorabilia  and  consulting  services to one
Marriott  CHAMPIONS  during each comparable  period.  For the three months ended
January 31, 2002 and 2001,merchandise and memorabilia sales were less than 2% of
the  Company's  total  revenues.  For the nine months ended January 31, 2002 and
2001,  other income was less than 1% of the Company's total  revenues.  Interest
income in all  comparable  periods  was also less  than 1% the  Company's  total
revenue.

Expenses

     Cost of food and  beverage  remained  constant  at  approximately  25.5% of
related sales for all comparable periods. This is attributed to stable prices at
the wholesale  level.  Cost of merchandise  and  memorabilia  sales for the nine
months ended  January 31, 2002 was $70,467  compared to $97,464 in the preceding
year.  During the nine months  ended  January 31, 2001,  the Company  wrote down
memorabilia inventory of approximately  $23,000.  Restaurant payroll and related
costs  were  approximately  35.0% of  related  food and  beverage  sales for all
comparable periods. Restaurant occupancy costs were $185,828 for the nine months
and $62,690 for the three months ended January 31, 2002 compared to $213,473 for
the nine month and $107,354 for the three month  comparable  period in 2001. The
increase in 2001 was attributed to a retroactive increase in common area charges
and real estate taxes passed on by the  landlord.  Other  restaurant  costs were
17.7% of food and  beverage  sales  for the nine  months  and  16.9% of food and
beverage sales for the three months ended Jannuary 31, 2002 compared to 19.6% of
food and beverage  sales for the  comparable  nine month and 20.6% for the three
months in 2001.  General and  administrative  expense was  $231,169 for the nine
months  ended  January 31, 2002  compared to $255,630  for the nine months ended
January 31, 2001.  Depreciation and amortization  expense accounted for 2.3 % of
the Company's  total revenues  during the nine months ended January 31, 2002 and
2000.

                                       7

<page>

Liquidity and Capital Resources

     The Company's  cash  position on January 31, 2002  decreased by $168,802 to
$282,849 from $451,650 on April 30, 2002.  For the nine months ended January 31,
2002, the Company's  ongoing  operations  used cash totaling  $173,982.  For the
comparable  period ending  January 31, 2001,  the Company's  ongoing  operations
provided  cash of  $102,395.  At January  31, 2002 and 2001,  the  Company  held
$50,000 of  restricted  securities  of a privately  held  company.  For the nine
months  ended  January 31, 2002,  the Company  purchased  equipment  for its San
Antonio location for $7,280.  During the nine months ended January 31, 2001, the
Company  purchased  equipment for its San Antonio CHAMPIONS for $19,913 and made
leasehold improvements in that same location totaling $13,810.

     The Company met its cash needs  during the nine  months  ended  January 31,
2002 and 2001 from its revenues  and from cash flow from its San Antonio,  Texas
operation. The Company anticipates that the revenues generated from its location
in San Antonio,  Texas along with revenues  generated  from its  consulting  and
sales of memorabilia  will be sufficient to meet its operating  obligations  for
the next twelve months.  In January 2002, the Company  entered into an agreement
with a private  investor,  JMS New York,  Inc.,  to purchase  from the  Company,
4,000,000 shares of the Company's common restricted stock at a purchase price of
$0.125  per  share in the  aggregate  amount  of  $500,000  payable  in  monthly
installments to be used by the Company to provide general working capital.

     The Company's  working capital was a negative  $304,160 on January 31, 2002
and negative $216,239 on April 30, 2001.

     Stockholder's  equity was  $39,312.  as of January  31,  2002  compared  to
$151,057 as of April 30, 2001.



Other

     In November  2001,  the  Company's  Board of  Directors  voted to defer the
annual meeting of shareholders in order to preserve the Company's cash position.
The Board  further  voted to defer the  payment  of the annual  dividend  on the
Company's 12%  Preferred  Stock to preserve the Company's  cash  position.  This
amount is accrued on the Company's books as a current liability.

Part II.   Other Information

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


                                        8
<PAGE>



            None



Item 6.  Exhibits and Reports on Form 8-K

     On January 15, 2002,  Champions Sports, Inc. entered into an agreement with
a private investor, JMS New York, Inc. to purchase, from the Company,  4,000,000
shares of the Company's  common  restricted  stock at a purchase price of $0.125
per  share in the  aggregate  amount of  $500,000  payable  in 24 equal  monthly
installments to be used by the Company to provide general working capital.


                                        9

<PAGE>







                                   SIGNATURES

Pursuant to the requirements of Securities  Exchange Act of 1934, the registrant
has duly  caused  this  report  to be signed  on its  behalf by the  undersigned
thereunto duly authorized.


                                CHAMPIONS Sports, Inc.


                                /s/ James Martell
                                    James Martell
                                    President



                               /s/ James E. McCollam
                                   James E. McCollam
                                   Corporate Secretary, Chief Accounting
                                     Officer and Controller


March 15, 2001



                                       10

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