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 October 31, 2001

                                       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.)

                 Suite 214, 2420 Wilson Boulevard, 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 December 14, 2001 the Registrant  had a total of 8,514,459  shares of
common stock outstanding.



<PAGE>





                             CHAMPIONS SPORTS, Inc.

                                   FORM 10-QSB

                                      INDEX

                                                                       Page

Part I.  Financial Information

   Item 1.  Financial Statements

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

   Consolidated Statements of Operations:
     Three months and six months ended
     October 31, 2001, and October 31, 2000,
     (unaudited)                                                         4

   Consolidated Statements of Cash Flows:
     Six months ended October 31, 2001, and October 31, 2000
     (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

<PAGE>


                     CHAMPIONS SPORTS, INC. AND SUBSIDIARIES
                           Consolidated Balance Sheets

                                       Assets
                                                   October 31,         April 30,
                                                       2001              2001
                                                   -----------------------------
                                                      UNAUDITED
Current assets
   Cash and cash equivalents                          $358,471         $451,650
   Accounts receivable - trade                             300            1,326
   Inventories                                          19,552           25,056
   Prepaid expenses                                     14,539           17,411
                                                   ----------------------------
Total current assets                                   392,862          495,443

Property and equipment
   Furniture and equipment                             563,560          562,981
   Leasehold improvements                              584,772          584,772
                                                   ----------------------------
                                                     1,148,332        1,147,753
Accumulated depreciation and amortization            (852,223)        (828,013)
                                                   ----------------------------
                                                       296,109          319,740
                                                   ----------------------------
Other assets
   Available for sale investments, at cost              50,000           50,000
   Deposits                                             11,052           11,052
                                                   ----------------------------
Total assets                                          $750,023         $876,235
                                                   ============================

                      Liabilities and Stockholders' Equity

Current liabilities
   Accounts payable                                   $101,798         $126,240
   Dividend payable on preferred stock                 447,692          447,692
   Other accrued expenses                               57,502           58,479
   Deferred revenue                                          0           64,625
   Current portion of deferred lease concession          4,363            4,363
   Current portion of capital lease obligation           7,333           10,283
                                                   ----------------------------
   Total current liabilities                           618,688          711,682
                                                   ----------------------------

Capital lease obligation, net of current portion             0            1,940
Deferred lease concession, net of current portion       11,193           11,556
                                                   ----------------------------
   Total liabilities                                   629,881          725,178
                                                   ----------------------------

Stockholders' equity
   Preferred stock
     Series A, 12% Convertible Cumulative;
     $10 par value; preferred as to
     dividends and liquidation;
     56,075 shares authorized and 53,125 shares
     issued and
     outstanding for October 31 and April 30, 2001     531,252          531,252
   Common stock, par value $.001 per share,
     50,000,000
     shares authorized and 8,514,459 shares
     issued and outstanding for October 31
     and April 30, 2001                                  8,514            8,514
   Additional paid-in capital                        5,337,599        5,337,599
   Accumulated deficit                             (5,757,223)      (5,726,308)
                                                   ----------------------------
   Total stockholders' equity                          120,142          151,057
                                                   ----------------------------
Total liabilities and stockholders' equity            $750,023         $876,235
                                                   ============================
See notes to consolidated financial statements



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<TABLE>
<CAPTION>


                                    CHAMPIONS SPORTS, INC. AND SUBSIDIARIES
                                     Consolidated Statements of Operations

                                                            Three months                 Six months
                                                         ended October 31,            ended October 31,
                                                          2001        2000         2001           2000
                                                       Unaudited                   Unaudited
<S>                                                   <C>         <C>           <C>             <C>
Revenue
Food and beverage                                     $423,208    $450,308      $953,617         $953,699
Merchandise, memorabilia, and consulting fees           97,539      10,529       115,647          111,740
Interest income                                          2,451       7,377         5,880           14,199
Other income                                             4,888       1,967         7,882            3,909
                                                    ---------------------- ------------------------------
                                                       528,086     470,181     1,083,026        1,083,547
                                                    ---------------------- ------------------------------

Costs and expenses
Cost of food and beverage sales                        109,523     116,910       247,449          243,498
Cost of merchandise and memorabilia                     29,157      31,987        63,950           65,130
Restaurant payroll and related costs                   151,593     161,938       337,412          335,926
Restaurant occupancy costs                              58,674      53,801       123,138          106,119
Other restaurant costs                                  85,254      95,515       172,051          181,860
General and administrative                              78,365     165,298
Depreciation and amortization                           12,104      12,104        24,209           24,209
Interest                                                   457         948         1,035            1,622
                                                    ---------------------- ------------------------------
                                                       525,127     551,484     1,113,944        1,123,663
                                                    ---------------------- ------------------------------

Operating income (loss) before income tax expense        2,959    (81,303)      (30,918)         (40,116)

Loss from discontinued operations                            0    (78,409)             0         (78,409)

Loss on security held for sale                               0           0             0         (50,000)

Income tax expense                                           0           0             0                0
                                                    ---------------------- ------------------------------

Net income  (loss)                                       2,959   (159,712)      (30,918)        (168,525)
                                                    ====================== ==============================

Less preferred stock dividends (net of conversions)   (15,938)    (15,938)      (31,876)         (31,876)

Net income (loss) available to common                $(12,979)  $(175,650)     $(62,794)       $(200,401)
                                                    ====================== ==============================
  stockholders

Basic earnings (loss) per share                        $(0.00)     $(0.02)       $(0.01)          $(0.02)
                                                    ====================== ==============================

Earnings (loss) per common share - assuming
  dilution                                             $(0.00)     $(0.02)      $(0.01)          $(0.02)
                                                    ====================== ==============================
<PAGE>


                     CHAMPIONS SPORTS, INC. AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                Increase (Decrease) in Cash and Cash Equivalents
                       For the six months ended October 31


                                                      2001          2000
                                                      ----          ----
                                                    Unaudited
Cash flows from operating activities:
  Net loss                                          $(30,918)    $(168,525)
  Adjustments to reconcile net income to net
  cash provided (used) by operating activities:
   Depreciation and amortization                       24,210        24,209
   Loss on restricted securities held for sale              0        50,000
   Changes in assets and liabilities:
     Accounts receivable                                1,026       108,111
     Inventories                                        5,504       (2,266)
     Prepaid expenses                                   2,872         3,383
Deferred revenues                                    (64,625)             0
     Accounts payable                                (24,442)      (25,227)
     Other accrued expenses                             (977)       (5,812)
     Deferred lease concessions                         (363)       (2,544)
                                                   ------------------------
Net cash provided (used) by
  operating activities                               (87,713)      (18,671)
                                                   ------------------------

Cash flows from investing activities:
Purchases of property and equipment                     (576)      (19,913)
Leasehold Improvements                                      0       (6,922)
                                                   ------------------------
Net cash (used) by investing activities                 (576)      (26,835)

Cash flows from financing activities:
   Principal payments on capital lease                (4,890)       (3,996)
                                                   ------------------------

Net increase (decrease) in cash and
  cash equivalents                                   (93,179)      (49,502)

Cash and cash equivalents at beginning of year        451,650       591,208
                                                   ------------------------
Cash and cash equivalents at October 31              $358,471      $541,706
                                                   ========================

Supplemental disclosures of cash flow information:
   Cash paid during the year for interest              $1,035        $1,622
                                                   ========================

See notes to consolidated financial statements
</TABLE>

<PAGE>


                             CHAMPIONS SPORTS, INC.

                   Notes to Consolidated Financial Statements

                                October 31, 2001

Summarized Financial Information

Company or group of companies for which report is filed:

CHAMPIONS Sports, Inc. and Subsidiaries

     The  consolidated  balance sheet as of October 31, 2001,  the  consolidated
statements of  operations  for the three months and six months ended October 31,
2001 and October 31, 2000 and the consolidated  statements of cash flows for the
six months ended October 31, 2001 and October 31, 2000 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 October
31, 2001 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  October 31, 2001 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.



<PAGE>




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

Results of Operation

     For the six months ended  October 31,  2001,  the  Company's  net loss from
operations was $30,918 before preferred stock dividends of $31,876  resulting in
a net loss  available  to common  shareholders  of $62,794 or ($0.01) per common
share

     For the six months ended  October 31,  2000,  the  Company's  net loss from
operations was $40,116 before preferred stock dividends of $31,876  resulting in
a net loss from  continuing  operations of $71,992.  The Company also realized a
loss from  discontinued  operations of $78,409 and a loss on a security held for
sale of $50,000.  The net loss  available  for common  shareholders  for the six
months ended October 31, 2000 was $200,401.

     The  Company's  assets  decreased  to  $750,023  at October  31,  2001 from
$876,235 at April 30, 2001 as a result of the net loss for the six month period.

Revenues

     The Company's  total revenues were  essentially  the same for the six month
period and  increased  12.3% for the three month period ended  October 31, 2001.
The Company's  total revenues were  $1,083,026 and $1,083,547 for the six months
ended  October 31, 2001 and 2000.  By  component,  food and beverage  sales were
nearly exactly the same for the comparable six month periods.  Although sales at
the San Antonio  Champions  dropped  dramatically for a period of time after the
tragic  events of September 11, 2001,  sales at this location have  rebounded to
levels  comparable to the prior year.  While the  continued  threat of terrorism
looms  over the  country,  there can be no  assurance  that  sales  will  remain
comparable  to the prior year.  For the three month  period,  food and  beverage
sales  decreased  6.2%  for the  comparable  period.  The  decrease  in food and
beverage sales for the three month period is a result of the events of September
11, 2001. Merchandise and memorabilia sales for the six months ended October 31,
2001 were $115,647  compared to $111,740 in the comparable  period.  The Company
provided sports  memorabilia to one Marriott  Champions  location during the six
months  ended  October  31,  2001 and 2000.  Interest  income  and other  income
represent 2% or less of the  Company's  total  revenues for the three months and
six months ended October 31, 2001 and 2000.









<PAGE>



Expenses

     Cost of food and  beverage  remained  relatively  constant at 25.9%  versus
25.5% of food and beverage  sales of for the six months  ended  October 31, 2001
and  2000.  Cost of  merchandise  and  memorabilia  sales was 55.3% and 58.3% of
related sales for the six months ended October 31, 2001 and 2000. During the six
months ended October 31, 2000, the Company wrote down  memorabilia  inventory of
approximately  $23,000.  Restaurant  payroll  and  related  costs also  remained
relatively constant at 35.4% and 35.2% of related sales for the six months ended
October 31, 2001 and 2000.  Restaurant  occupancy  costs  increased  to 12.9% of
restaurant sales compared to 11.1% of related sales for the six month comparable
periods.  This is  attributed  to an increase  in common  area  charges and real
estate taxes passed on by the  landlord.  Other  restaurant  costs were 18.0% of
sales compared to 19.1% for the comparable  period.  General and  administrative
expense  for the  Company's  corporate  office  was  $144,700  or  13.4%  of the
Company's  total  revenues for the six months ended October 31, 2001 compared to
$165,298 or 15.3% for the six months ended  October 31, 2000.  This  decrease is
attributed  to the  Company's  effort to contain  its costs and  expenses in the
uncertainty of the current  economic  climate.  For the six months ended October
31,  2000,  the  Company  expended  $78,409  for its  effort to  diversify  into
high-technology with the formation of a wholly owned subsidiary,  Champions Tech
Ventures.  These  diversification  efforts  proved  to be  unsuccessful  and the
Company  ceased  funding the operations of Champions Tech Ventures in March 2001
and divested its  ownership in the  subsidiary.  Depreciation  and  amortization
expense  represented  2.2% of the Company's total revenues during each six-month
period.




Liquidity and Capital Resources

     The Company's  cash  position on October 31, 2001 was $358,471  compared to
$451,650 on April 30,  2001,  a decrease of  $93,179.  For the six months  ended
October 31, 2001, the Company's  operating  activities used $87,713 in cash. The
Company  used  its  cash to repay  equipment  leases  for  $4,890.  The  Company
purchased a nominal amount of equipment.

     For  the six  months  ended  October  31,  2000,  the  Company's  operating
activities used $18,671 in cash. The Company  purchased  $19,913 in property and
equipment  and $6,922 in leasehold  improvements.  The Company  repaid $3,996 in
capital  leases.  During the six months  ended  October 31,  2001 and 2000,  the
Company met its cash needs from its  revenues  and cash  reserves  and from cash
flow from its San Antonio operation.

     On October 31, 2001 the Company's  working capital was a negative  $225,826
versus a negative  216,239 on April 30, 2001. The Company  anticipates  that the
revenues  generated from its operations and its cash reserves will be sufficient
to meet its operating obligations for the next twelve months.

<PAGE>



     Stockholder's  equity decreased to $120,142 as of October 31, 2001 compared
to $151,057 as of April 30, 2001,  as a result of the net loss for the six month
period.

Subsequent Events


     In  November,  2001,  the  Board of  Directors,  in order to  preserve  the
Company's cash reserves,  voted to defer payment of $63,750, the annual dividend
on the Series A, 12% convertible,  cumulative Preferred Stock, par value $10, of
which there were 53,125 shares  outstanding as of October 31, 2001. The Board of
Directors also voted to defer the annual meeting of security holders in order to
preserve the Company's cash reserves.



Part II.   Other Information

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

     There were no matters  submitted to a vote of Security  Holders  during the
three month period ended October 31, 2001.


Item 6.  Exhibits and Reports on Form 8-K

         None.



<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 M. Martell____
                             James M. Martell
                             President



                             __/s/ James E. McCollam__
                             James E. McCollam
                             Controller and Chief Accounting
                             Officer


December 14, 2001


















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