UNITED STATES
                        SECURITES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

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


                For the quarterly period ended February 28, 2005

                         Commission File No. 000-50643


                        GLOBAL ENTERTAINMENT CORPORATION
       (Exact name of small business issuer as specified in its charter)


           Nevada                                       86-0933274
(State or other Jurisdiction of          (I.R.S. Employer Identification Number)
 incorporation or organization)


                       4909 East McDowell Road, Suite 104
                           Phoenix, Arizona 85008-4293
                                 (480) 994-0772

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 [ ]

Number of shares outstanding of each of the registrant's classes of common stock
as of March 31, 2005:

                         Common Stock, $.001 par value
                                5,345,738 shares

Transitional Small Business Disclosure Format (Check one): Yes [ ] No[X]
<PAGE>
                        GLOBAL ENTERTAINMENT CORPORATION
                                      INDEX
                              REPORT ON FORM 10-QSB
                     FOR THE QUARTER ENDED FEBRUARY 28, 2005


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets - As of February 28, 2005
(Unaudited) and May 31, 2004                                                   3

Condensed Consolidated Statements of Operations (Unaudited) -
Nine Months and Three Months Ended February 28, 2005 and February 29, 2004     5

Condensed Consolidated Statements of Changes in Stockholders' Equity -
Year ended May 31, 2004 and Nine Months Ended February 28, 2005 (Unaudited)    6

Condensed Consolidated Statements of Cash Flows (Unaudited) -
Nine Months Ended February 28, 2005 and February 29, 2004                      7

Notes to Condensed Consolidated Financial Statements                           9

Item 2. Management's Discussion and Analysis of Financial Condition
        and Results of Operations                                             13

Item 3. Controls and Procedures                                               19

PART II. OTHER INFORMATION

Item 1. Legal Proceedings                                                     20

Item 6. Exhibits and Reports on Form 8-K                                      20

                                       2
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                     ASSETS

<TABLE>
<CAPTION>
                                                                             February 28,          May 31,
                                                                                2005                2004
                                                                             ----------          ----------
                                                                             (Unaudited)
<S>                                                                          <C>                 <C>
CURRENT ASSETS:
Cash and cash equivalents                                                    $  121,264          $  483,773
Accounts receivable, less allowance for doubtful accounts of
 $56,424 and $0 at February 28, 2005 and May 31, 2004, respectively           2,942,511           1,548,685
Accounts receivable - related parties and miscellaneous                         145,378             154,450
Prepaid expenses                                                                 42,103              40,777
                                                                             ----------          ----------

      TOTAL CURRENT ASSETS                                                    3,251,256           2,227,685

Property and Equipment, net                                                     183,071              45,385

Intangible Assets, net                                                           44,849              57,064

Goodwill, net                                                                 4,061,466           4,056,506

Deferred Income Tax Asset, net                                                  246,000             246,000

Non-marketable Securities                                                        78,489              78,489

Miscellaneous Assets                                                             10,000               8,500
                                                                             ----------          ----------

      TOTAL ASSETS                                                           $7,875,131          $6,719,629
                                                                             ==========          ==========
</TABLE>

                 See accompanying Notes to Financial Statements

                                       3
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)


                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

<TABLE>
<CAPTION>
                                                                          February 28,            May 31,
                                                                             2005                  2004
                                                                          -----------           -----------
                                                                          (Unaudited)
<S>                                                                       <C>                   <C>
CURRENT LIABILITIES:
Notes payable - current portion                                           $   399,000           $        --
Notes payable - related party                                                  33,334               183,333
Accounts payable                                                            1,062,447               696,658
Accounts payable - related party                                               13,175                16,291
Accrued liabilities                                                           497,617               653,571
Deferred revenues                                                             508,627               521,860
                                                                          -----------           -----------

      TOTAL CURRENT LIABILITIES                                             2,514,200             2,071,713

Long-term deferred revenues                                                   506,206                    --
                                                                          -----------           -----------

      TOTAL LIABILITIES                                                     3,020,406             2,071,713
                                                                          -----------           -----------

STOCKHOLDERS' EQUITY (DEFICIT):
Preferred stock - $.001 par value; 10,000,000 shares authorized;
 no shares issued or outstanding                                                   --                    --
Common stock - $.001 par value; 50,000,000 shares authorized;
 5,345,738 shares issued and outstanding as of February 28, 2005
 and 4,068,115 as of May 31, 2004                                               5,346                 5,338
Paid-in capital                                                             5,053,098             4,981,156
Accumulated deficit                                                          (203,719)             (338,578)
                                                                          -----------           -----------

      TOTAL STOCKHOLDERS' EQUITY                                            4,854,725             4,647,916
                                                                          -----------           -----------

      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                          $ 7,875,131           $ 6,719,630
                                                                          ===========           ===========
</TABLE>

                 See accompanying Notes to Financial Statements

                                       4
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                   FOR THE NINE MONTHS AND THREE MONTHS ENDED
               FEBRUARY 28, 2005 AND FEBRUARY 29, 2004 (UNAUDITED)

<TABLE>
<CAPTION>
                                            For the three months ended              For the nine months ended
                                        February 28,          February 29,      February 28,          February 29,
                                           2005                  2004              2005                  2004
                                        -----------           -----------       -----------           -----------
<S>                                     <C>                   <C>               <C>                   <C>
Revenues
  Licensing and advertising fees        $ 1,130,650           $   749,791       $ 2,334,498           $ 1,893,910
  Franchise fees                                 --                    --         1,015,000                40,000
  Project management fees                 1,374,071               124,954         5,521,439               567,190
  Ticket service fees                        96,964                    --           119,891                    --
  Other revenue                              19,579                 9,173            41,513                13,983
                                        -----------           -----------       -----------           -----------
                                          2,621,264               883,918         9,032,341             2,515,083
                                        -----------           -----------       -----------           -----------
Operating Costs
  Cost of revenues                        1,200,297               262,571         5,307,594               502,963
  General and administrative costs        1,348,927               677,705         3,584,774             1,992,009
                                        -----------           -----------       -----------           -----------
                                          2,549,224               940,276         8,892,368             2,494,972
                                        -----------           -----------       -----------           -----------

Income (Loss) from Operations                72,040               (56,358)          139,973                20,111

Other Income (Expense)
  Interest income                                --                   528                 2                 6,199
  Interest expense                           (5,116)               (1,478)           (5,116)               (1,485)
                                        -----------           -----------       -----------           -----------

Net Income (Loss)                       $    66,924           $   (57,308)      $   134,859           $    24,825
                                        ===========           ===========       ===========           ===========

Income (Loss) Per Share - basic         $      0.01           $     (0.01)      $      0.03           $      0.01
                                        ===========           ===========       ===========           ===========
Weighted average shares outstanding
  - basic                                 5,345,738             4,068,115         5,343,128             4,068,115
                                        ===========           ===========       ===========           ===========

Income (Loss) Per Share - diluted       $      0.01           $     (0.01)      $      0.02           $      0.01
                                        ===========           ===========       ===========           ===========
Weighted average shares outstanding
  - diluted                               5,533,647             4,068,115         5,514,338             4,068,115
                                        ===========           ===========       ===========           ===========
</TABLE>

                 See accompanying Notes to Financial Statements

                                       5
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                             CONDENSED CONSOLIDATED
             STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
                     FOR THE YEAR ENDED MAY 31, 2004 AND THE
                 NINE MONTHS ENDED FEBRUARY 28, 2005 (UNAUDITED)

<TABLE>
<CAPTION>
                                          Common Stock
                                       --------------------        Paid-in        Accumulated
                                       Shares        Amount        Capital          Deficit            Total
                                       ------        ------        -------          -------            -----
<S>                                     <C>             <C>         <C>              <C>              <C>
Balance at May 31, 2003              4,068,115       $4,068      $ 1,583,970      $ 1,186,549)     $   401,489

Issuance of common stock and
 options for merger, net of
 registration costs of $311,946        815,308          815        2,093,307               --        2,094,122

Issuance of common stock
 for repayment of debt                 444,815          445        1,265,055               --        1,265,500

Options issued for services                 --           --           10,800               --           10,800

Purchase of fractional shares               --           --             (416)              --             (416)

Issuance of common stock
 for services                           10,000           10           28,440               --           28,450

Net income for year ended
 May 31, 2004                               --           --               --          847,971          847,971
                                     ---------       ------      -----------      -----------      -----------

Balance at May 31, 2004              5,338,238        5,338        4,981,156         (338,578)       4,647,916

Issuance of common stock
 for services                            2,500            3           11,247               --           11,250

Exercise of options                      5,000            5           17,495               --           17,500

Options issued for services                 --           --           43,200               --           43,200

Net income for nine months ended
 February 28, 2005                          --           --               --          134,859          134,859
                                     ---------       ------      -----------      -----------      -----------

Balance at February 28, 2005
 (Unaudited)                         5,345,738       $5,346      $ 5,053,098      $  (203,719)     $ 4,854,725
                                     =========       ======      ===========      ===========      ===========
</TABLE>

                 See accompanying Notes to Financial Statements

                                       6
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
  FOR THE NINE MONTHS ENDED FEBRUARY 28, 2005 AND FEBRUARY 29, 2004 (UNAUDITED)

<TABLE>
<CAPTION>
                                                                           For the nine months endded
                                                                       February 28,          February 29,
                                                                           2005                  2004
                                                                       -----------           -----------
<S>                                                                    <C>                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                                           $   134,859           $    24,825
  Adjustments to reconcile net income to net cash
   used by operating activities:
    Depreciation and amortization                                           46,279                22,842
    Issuance of stock and options for services                              54,450                    --
  Changes in Assets and Liabilities:
    Accounts receivable
      - trade                                                           (1,393,826)             (116,241)
      - related party and miscellaneous                                      9,072               (41,324)
    Prepaid expenses                                                        (1,326)              (23,289)
    Miscellaneous assets                                                    (1,500)               (1,500)
    Accounts payable
      - trade                                                              365,789               (47,129)
      - related party                                                       (3,116)                   --
    Accrued liabilities                                                   (155,954)              (46,625)
    Deferred revenues                                                      492,973               119,881
                                                                       -----------           -----------
         NET CASH USED BY OPERATING ACTIVITIES:                           (452,300)             (108,560)
                                                                       -----------           -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of fixed assets                                                (169,646)              (48,681)
  Collection of loans receivable                                                --                26,295
  Purchase of patents and trademarks                                        (2,104)                   --
  Increase in goodwill                                                      (4,960)              (50,063)
                                                                       -----------           -----------
         NET CASH USED IN INVESTING ACTIVITES:                            (176,710)              (72,449)
                                                                       -----------           -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from debt                                                       399,000                    --
  Repayment of debt - related party                                       (149,999)
  Stock options exercised                                                   17,500               (36,956)
                                                                       -----------           -----------
         NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES:              266,501               (36,956)
                                                                       -----------           -----------

NET DECREASE IN CASH AND CASH EQUIVALENTS:                                (362,509)             (217,965)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD:                            483,773               280,767
                                                                       -----------           -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD:                              $   121,264           $    62,802
                                                                       ===========           ===========
</TABLE>

                 See accompanying Notes to Financial Statements

                                       7
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
  FOR THE NINE MONTHS ENDED FEBRUARY 28, 2005 AND FEBRUARY 29, 2004 (UNAUDITED)
                                   (CONTINUED)


                                                    For the nine months ended
                                                   February 28,     February 29,
                                                       2005             2004
                                                     -------          -------
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
  Cash paid during the year for interest             $ 5,116          $ 1,485
                                                     =======          =======

  Cash paid during the year for income taxes         $ 8,257          $   354
                                                     =======          =======

NON-CASH INVESTING AND FINANCE ACTIVITIES
  Stock and options issued for services              $54,450          $    --
                                                     =======          =======

  Stock options exercised                            $17,500          $    --
                                                     =======          =======

                 See accompanying Notes to Financial Statements

                                       8
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


--------------------------------------------------------------------------------
                                     NOTE 1
         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES
--------------------------------------------------------------------------------

BASIS OF PRESENTATION

The condensed consolidated financial statements include the financial statements
of  Global   Entertainment   Corporation   ("Global")   and  its  wholly   owned
subsidiaries,  Western  Professional  Hockey  League Inc.  ("WPHL")  dba Central
Hockey League ("CHL"),  International  Coliseums Company,  Inc. ("ICC"),  Global
Entertainment  Marketing Systems ("GEMS"),  Cragar Industries,  Inc. ("Cragar"),
and Global Entertainment Ticketing ("GETTIX") (collectively referred to as "we",
"our",  "us",  or the  "Company").  All  significant  intercompany  balances and
transactions have been eliminated in consolidation.

Our accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial  information and with the instructions  for Form 10-QSB.  Accordingly,
they do not include all the  information  and  footnotes  required by  generally
accepted accounting principles for complete financial statements. In the opinion
of  management,  all  adjustments  (consisting  of  normal  recurring  accruals)
considered necessary for fair presentation have been included.

Operating  results for the nine month  period  ended  February  28, 2005 are not
necessarily  indicative  of the results that may be expected for the year ending
May 31,  2005 or for any other  period.  For further  information,  refer to the
financial  statements  and footnotes  included in our annual report  included on
Form-10KSB for the year ended May 31, 2004.

USE OF ESTIMATES

Management uses estimates and assumptions in preparing  financial  statements in
accordance with generally accepted  accounting  principles.  Those estimates and
assumptions  affect  the  reported  amounts  of  assets  and  liabilities,   the
disclosure of contingent  assets and liabilities,  and the reported revenues and
expenses.  Actual  results  may vary from the  estimates  that were  assumed  in
preparing the financial  statements.  Material  estimates  include,  but are not
limited  to,  the  allowance  for  doubtful  accounts,  the  carrying  value  of
intangible  assets, and the realization of the deferred income tax asset. Due to
the  uncertainties  inherent in the estimation  process and the  significance of
these items, it is at least reasonably possible that the estimates in connection
with these items could be materially revised within the next year.

RECLASSIFICATIONS

Certain items for the three months and nine months ended  February 29, 2004 have
been reclassified in the accompanying financial statements to conform to current
presentations, for comparative purposes only.

                                       9
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


--------------------------------------------------------------------------------
                                     NOTE 1
         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES
                                   (CONTINUED)
--------------------------------------------------------------------------------

REVENUE RECOGNITION

FRANCHISE FEES:

Initial franchise fees represent  amounts received from WPHL/CHL  franchisees to
acquire  a hockey  franchise.  The  amount is  recognized  as  revenue  when the
franchise agreement is signed and we have met all of our significant obligations
under the terms of the franchise agreement. We are responsible for assisting the
franchisee with facility lease contract  negotiations,  venue ticketing analysis
and  pricing,   concessionaire  negotiations  and  staffing  advisements.  These
generally  occur at the time  the  franchisee  acquires  a  franchise.  Transfer
franchise  fees  represent  the  amounts  received  from a  franchisee  upon the
transfer of ownership of a franchise and are recognized  upon  completion of the
transfer.

LICENSING AND ADVERTISING FEES

Pursuant to the terms of the Joint Operating Agreement ("JOA"), each team in the
WPHL/CHL  pays annual  assessment  fees of $75,000,  plus  $15,000 per annum for
officiating costs. In addition,  the 12 teams from the WPHL pay an extra $10,000
annually to cover our costs.  The fees are recognized  ratably over the year. At
the end of the year, net profits, or losses are shared proportionately with each
member of the JOA  based  upon the  amount  of  revenue  that  each  member  has
contributed to the league.

GEMS sells certain  contractual rights including facility naming rights,  luxury
suite sales,  club seat license  sales,  facility  sponsorship  agreements,  and
ticket  operations  contracts.  The revenue from these  contracts are recognized
ratably over the duration of the contract.  Corporate sponsorship fees represent
amounts  received  from  third-party  sponsors.  Revenue  from  this  source  is
recognized based on the terms of the agreement in accordance with GAAP.

PROJECT MANAGEMENT FEES:

ICC receives design and build contract  revenue from various  municipalities  in
connection with the  construction of municipal  venues.  . This is recognized as
revenue ratably over the duration of the contracts. We have entered into several
construction-project supervisory contracts.


Revenues  and costs  from  fixed-price  and  modified  fixed-price  construction
contracts  are  recognized  for each  contract  on the  percentage-of-completion
method,  measured by the  percentage of costs  incurred to date to the estimated
total direct costs.  Direct costs  include,  among other  things,  direct labor,
field labor, equipment rent, subcontract,  direct materials and direct overhead.
General and  administrative  expenses are accounted for as period costs and are,
therefore,  not  included  in the  calculation  of  the  estimates  to  complete
construction  contracts  in progress.  As contracts  can extend over one or more
accounting periods,  revisions in costs and earnings estimated during the course
of the work are reflected  during the accounting  period in which the facts that
required such revision become known.

TICKET SERVICE FEES:

GETTIX receives service fees for each ticket sold. These revenues are recognized
upon completion of the sale.

                                       10
<PAGE>
               GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


--------------------------------------------------------------------------------
                                     NOTE 1
         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES
                                   (CONTINUED)
--------------------------------------------------------------------------------

EARNINGS PER SHARE

Statement of Financial Accounting Standards No.128, "Earnings per share," ("SFAS
128")  provides  for the  calculation  of Basic and Diluted  earnings per share.
Basic earnings per share includes no dilution and is computed by dividing income
available to common shareholders by the weighted average number of common shares
outstanding  for the period.  Diluted  earnings per share  reflect the potential
dilution of securities that could share in the earnings of an entity.

STOCK-BASED COMPENSATION

EMPLOYEE STOCK OPTIONS:

We  have  elected  to  follow  Accounting   Principals  Board  Opinion  No.  25,
"Accounting   for  Stock  Issued  to   Employees"   (ABP  25)  and  the  related
interpretations  in accounting  for our employee  stock  options.  Under APB 25,
because the  exercise  price of  employee  stock  options  equals or exceeds the
market  price of the  underlying  stock on the date of  grant,  no  compensation
expense is  recorded.  We have also  adopted the  disclosure-only  provision  of
Statement of Financial  Accounting  Standards ("SFAS") No. 123,  "Accounting for
Stock  Based  Compensation",  as  amended  by  SFAS  No.  148,  "ACCOUNTING  FOR
STOCK-BASED COMPENSATION - TRANSITION & DISCLOSURE."

The following table  illustrates the effect on net income and earnings per share
if the Company had applied the fair value recognition provisions of SFAS No. 148
to stock-based employee compensation.

<TABLE>
<CAPTION>
                                                              For the nine months ended
                                                           February 28,         February 29,
                                                              2005                 2004
                                                           ----------           ----------
                                                           (Unaudited)          (Unaudited)
<S>                                                        <C>                  <C>
Net income, as reported                                    $  134,859           $   24,825
Deduct: Total stock-based employee compensation
 expense determined under fair value based method
 for all awards, net of related tax effects(1)               (353,553)              (4,560)
                                                           ----------           ----------

Pro forma net income                                       $ (218,694)          $   20,265
                                                           ==========           ==========
EARNINGS PER (LOSS) SHARE:
   Basic, as reported                                      $     0.03           $     0.01
                                                           ==========           ==========

   Basic, pro forma                                        $    (0.04)          $     0.01
                                                           ==========           ==========
EARNINGS PER (LOSS) SHARE:
   Diluted, as reported                                    $     0.02           $     0.01
                                                           ==========           ==========

   Diluted, pro forma                                      $    (0.04)          $     0.01
                                                           ==========           ==========
</TABLE>

----------
(1)  Due to our net  operating  loss  carryforwards,  the assumed tax effect was
     considered to be immaterial.

                                       11
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

--------------------------------------------------------------------------------
                                     NOTE 2
                                     EQUITY
--------------------------------------------------------------------------------

During the nine months ended  February 28, 2005,  we issued  options to purchase
123,500 shares of common stock (unaudited). These options were issued to various
directors, managers and consultants.  During the three months ended February 28,
2005, we issued options to purchase 100,000 shares of common stock  (unaudited).
Options  granted prior to May 31, 2004 had an exercise  price of $3.50 per share
(post-split). Options totaling 23,500 (unaudited) granted during the nine months
ended  February  28, 2005 had an exercise  prices of $4.50 per share and options
totaling  100,000  (unaudited)  had an exercise  price of $5.75 per share.  Each
option has a maximum term of ten (10) years.

--------------------------------------------------------------------------------
                                     NOTE 3
                                  NOTES PAYABLE
--------------------------------------------------------------------------------

During  the nine  months  ended  February  28,  2005,  we  secured a  $1,000,000
revolving line of credit.  As of February 28, 2005, we borrowed $399,000 against
this credit facility. This credit facility has been secured by substantially all
of our tangible and intangible assets,  including  Cragar's trademark  portfolio
and a pledge of Cragar's capital stock.  This line of credit bears interest at a
rate of 1% plus prime. As of February 28, 2005, the applicable interest rate was
5.5%.

                                       12
<PAGE>
ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

FORWARD-LOOKING DISCLOSURE

This  Quarterly  Report on Form  10-QSB  contains  "forward-looking  statements"
within the meaning of the "Safe  Harbor"  provision  of the  Private  Securities
Litigation  Reform Act of 1995  regarding  future events.  These  statements are
based on current expectations,  estimates, forecasts, and projections as well as
our beliefs and  assumptions.  Words such as "outlook",  "believes",  "expects",
"appears",  "may", "will",  "should",  "anticipates" or the negatives thereof or
comparable   terminology,   are  intended  to  identify   such   forward-looking
statements.  These  forward-looking  statements  are  only  predictions  and are
subject to risks,  uncertainties  and assumptions that are difficult to predict.
Therefore,  actual  results  may  differ  materially  and  adversely  from those
expressed  in any  forward-looking  statements.  Factors  that  might  cause  or
contribute to such differences  include,  but are not limited to those discussed
in our Annual Report on Form 10-KSB for the fiscal year ended May 31, 2004 under
the section entitled  "Management's  Discussion and  Analysis--Factors  That May
Affect  Future   Results."  You  should  not  place  undue   reliance  on  these
forward-looking  statements,  which speak only as of the date of this  Quarterly
Report.   We  undertake  no  obligation   to  revise  or  update   publicly  any
forward-looking statements for any reason, unless otherwise required by law.

GENERAL

The following is  management's  discussion  and analysis of certain  significant
factors  affecting  our  financial  position and  operating  results  during the
periods  included  in  the   accompanying   condensed   consolidated   financial
statements.

OVERVIEW - COMPANY DESCRIPTION

In April 2000, we acquired all of the outstanding shares of Western Professional
Hockey  League  Inc.  ("WPHL")  from WPHL  Holdings,  Inc.,  a British  Columbia
corporation,   in  exchange  for  six  million   shares  of  our  common  stock.
Contemporaneously  with the  acquisition of WPHL, our name was changed to Global
Entertainment  Corporation.  Under  a joint  operating  agreement  ("JOA")  with
Central Hockey League,  Inc., the WPHL operates and manages a minor professional
hockey league known as the Central Hockey League (the "CHL"),  which consists of
seventeen  teams  located in  mid-market  communities  in seven  states:  Texas,
Colorado,  Kansas,  Louisiana,  Mississippi,  New Mexico, and Oklahoma,  with an
expansion team to begin play in Ohio in the 2005-2006 season.

In January 2001,  we formed a subsidiary to acquire the assets of  International
Coliseums  Company,  Inc.  ("ICC") in exchange for 350,000  shares of our common
stock.  Our subsidiary,  ICC,  develops and manages  multipurpose  entertainment
facilities in mid-market  communities.  ICC enables us to secure a  professional
minor league hockey team as a primary  tenant in facilities  that it develops or
manages,  which we  believe  is a key  factor in the  viability  of our  managed
multipurpose  facilities,  and also enables us to promote the development of the
CHL by assisting  potential  franchisees in securing  quality venues in which to
play professional minor league hockey.

In January 2002, we formed a third wholly owned subsidiary, Global Entertainment
Marketing  Systems  ("GEMS"),  to promote,  market,  and sell  various  services
related to  multipurpose  entertainment  facilities,  including  facility naming
rights,  luxury  suite  sales,  club seat license  sales,  facility  sponsorship
agreements, and ticket operations contracts, among other licensing and marketing
opportunities.   GEMS  is  also  currently   pursuing  licensing  and  marketing
opportunities  for   CRAGAR-branded   products,   which  we  recently  acquired,
particularly  with  respect to those  markets in which WPHL and CHL  franchisees
operate.

In March 2003, we acquired through a merger Cragar Industries,  Inc. ("Cragar"),
in which each share of Cragar common stock was exchanged for a fractional  share
of Global common stock at a conversion rate of approximately  0.2091,  resulting
in 815,308 of our shares being issued. In addition, the holders of $1,265,500 in
principal  amount of outstanding  Cragar debt  exchanged  their debt for 444,815
shares of Global common stock,  and all outstanding  Cragar options and warrants
were converted to Global options or warrants based on the same conversion  rates
described  above, for a total of 120,415 options and 39,960 warrants issued upon
closing of the merger.

                                       13
<PAGE>
Most recently,  we formed Global Entertainment  Ticketing  ("GETTIX"),  a wholly
owned  subsidiary,  as a third party  provider of  ticketing  solutions  for the
multipurpose event centers under Global's management,  existing CHL franchisees,
and various other  entertainment  venues,  theatres,  concert  halls,  and other
facilities  and event  coordinators.  GETTIX offers  Internet and inbound ticket
sales services for each client,  and has the ability to create local networks of
outlet sales locations in the various communities in which it serves.

THREE MONTHS ENDED FEBRUARY 28, 2005 COMPARED TO THREE MONTHS ENDED FEBRUARY 29,
2004

REVENUES:

<TABLE>
<CAPTION>
                                     Three months                Three months                   Dollar         Percent
                                        ended       Percent of      ended      Percent of       Change          Change
                                     February 28,      2005      February 29,     2004       Between 2004    Between 2004
                                        2005         Revenue        2004        Revenue        and 2005        and 2005
                                     ----------     -------      ------------   -------        --------        --------
<S>                                  <C>              <C>         <C>             <C>         <C>             <C>
Revenue
   Project management fees           $1,374,071       52.4%        $124,954        14.2%      $1,249,117         999.7%
   Licensing and advertising fees     1,130,650       43.1%         749,791        84.8%         380,859          50.8%
   Ticket Service Fees                   96,964        3.7%              --         0.0%          96,964           N/A
   Other revenue                         19,579        0.8%           9,173         1.0%          10,406         113.4%
   Franchise fees                            --        0.0%              --         0.0%              --           N/A
                                     ----------      -----         --------       -----       ----------         -----
   Total                             $2,621,264      100.0%        $883,918       100.0%      $1,737,346         196.6%
                                     ==========      =====         ========       =====       ==========         =====
</TABLE>

Total revenues  increased  $1,737,346,  from $883,918 for the three months ended
February 29, 2004 to  $2,621,264  for the three months ended  February 28, 2005.
This 196.6%  increase was generated  primarily by ICC which realized an increase
of  $1,249,117  from  $124,954 for the three  months ended  February 29, 2004 to
$1,374,071  for the three months ended February 28, 2005.  Again,  this increase
was the  result of  revenues  received  under  the  current  project  management
agreement  with  the  City  of  Youngstown,  Ohio  for the  construction  of the
Youngstown  Convocation  Center.  ICC's revenues  represented 52.4% of our total
revenue for the three months ended  February 28, 2005,  compared to 14.2% of our
total revenue for the three months ended February 29, 2004.

Licensing and  advertising  fees increased  $380,859 from $749,791 for the three
months ended February 29, 2004 to $1,130,650 for the three months ended February
28, 2005.  This 50.8%  increase  resulted  primarily from the addition of Cragar
revenues after the merger in March 2004.

Franchise fees did not increase  during the three months ended February 28, 2005
from the prior 2004 period.  No new franchise sales were completed during either
period.

Ticketing  service fees totaled  $96,964 for the three months ended February 28,
2005. There were no revenues earned in the comparable three month period for the
2004 fiscal year.

Other  revenues  increased  $10,406,  from  $9,173  for the three  months  ended
February 29, 2004 to $19,579 for the three months ended February 28, 2005.  This
increase is the result of increased  service  fees  generated by GEMS during the
current  three  month  period for  staffing  services  for the new  facility  in
Youngstown, Ohio.

                                       14
<PAGE>
OPERATING COSTS:

<TABLE>
<CAPTION>
                                     Three months                Three months                   Dollar         Percent
                                        ended       Percent of      ended      Percent of       Change          Change
                                     February 28,      2005      February 29,     2004       Between 2004    Between 2004
                                        2005         Revenue        2004        Revenue        and 2005        and 2005
                                     ----------     -------      ------------   -------        --------        --------
<S>                                  <C>              <C>         <C>             <C>         <C>             <C>
Operating Costs
  Cost of revenues                  $1,200,297        45.8%        $262,571       29.7%        $  937,726        357.1%
  General and administrative costs   1,348,927        51.5%         677,705       76.7%           671,222         99.0%
                                    ----------        ----         --------      -----         ----------        -----
  Total                             $2,549,224        97.3%        $940,276      106.4%        $1,608,948        171.1%
                                    ==========        ====         ========      =====         ==========        =====
</TABLE>

Total  operating  costs  increased by  $1,608,948,  from  $940,276 for the three
months ended February 29, 2004 to $2,549,224 for the three months ended February
28, 2005.  This 171.1% increase  resulted  primarily from an increase in cost of
revenue of  $937,726,  which was  directly  related to the  requirements  of the
project  management  agreement  for the City of  Youngstown,  Ohio and the costs
associated with project  management  services related to the construction of the
Youngstown Convocation Center.

General and administrative  expenses increased $671,222, or 99.0%, from $677,705
for the three months ended  February 29, 2004 to $1,348,927 for the three months
ended February 28, 2005. This increase included $178,880 in additional  expenses
over the same 2004 period resulting from expenses associated with the formation,
start up,  expansion,  and operations of GETTIX and also $395,703 from increased
overhead  expenditures  to meet additional  staffing needs and marketing  plans.
Finally,  for the three  months ended  February  28, 2005,  results also include
$96,639 in expenditures and allocations for Cragar that are not reflected in the
first  quarter  results of the prior  fiscal year since  Cragar was not acquired
until March 2004.

INCOME (LOSS) FROM OPERATIONS:

<TABLE>
<CAPTION>
                                     Three months                Three months                   Dollar         Percent
                                        ended       Percent of      ended      Percent of       Change          Change
                                     February 28,      2005      February 29,     2004       Between 2004    Between 2004
                                        2005         Revenue        2004        Revenue        and 2005        and 2005
                                     ----------     -------      ------------   -------        --------        --------
<S>                                  <C>              <C>         <C>             <C>         <C>             <C>
Income (loss) from operations         $72,040         2.7%        $(56,358)      -6.4%         $128,398         227.8%
</TABLE>

Net income from  operations  was $72,040 for the three months ended February 28,
2005,  compared to a net loss from  operations  of $56,358 for the three  months
ended  February  29,  2004.  Current  quarter  income  was  the  result  of  the
commencement of operations from GETTIX,  continued profitable  operations of ICC
in project management, and the agreement for commissions from GEMS.

                                       15
<PAGE>
NINE MONTHS ENDED  FEBRUARY 28, 2005 COMPARED TO NINE MONTHS ENDED  FEBRUARY 29,
2004

REVENUES:

<TABLE>
<CAPTION>
                                     Nine months                 Nine months                    Dollar         Percent
                                        ended       Percent of      ended      Percent of       Change          Change
                                     February 28,      2005      February 29,     2004       Between 2004    Between 2004
                                        2005         Revenue        2004        Revenue        and 2005        and 2005
                                     ----------     -------      ------------   -------        --------        --------
<S>                                  <C>              <C>         <C>             <C>         <C>             <C>
Revenue
  Project management fees            $5,521,439       61.1%       $  567,190      22.6%       $4,954,249         873.5%
  Licensing and advertising fees      2,334,498       25.8%        1,893,910      75.3%          440,588          23.3%
  Ticket Service Fees                   119,891        1.3%               --       0.0%          119,891           N/A
  Other revenue                          41,513        0.5%           13,983       0.6%           27,530         196.9%
  Franchise fees                      1,015,000       11.2%           40,000       1.6%          975,000        2437.5%
                                     ----------      -----        ----------     -----        ----------        ------
  Total                              $9,032,341      100.0%       $2,515,083     100.0%       $6,517,258         259.1%
                                     ==========      =====        ==========     =====        ==========        ======
</TABLE>

Total revenues increased  $6,517,258,  from $2,515,083 for the nine months ended
February 29, 2004 to  $9,032,341  for the nine months  ended  February 28, 2005.
This 259.1% increase was generated  primarily by ICC, which realized an increase
of  $4,954,249,  from  $567,190 for the nine months  ended  February 29, 2004 to
$5,521,439 for the nine months ended  February 28, 2005.  ICC's increase was the
result of revenues from the current project  management  agreement with the City
of Youngstown,  Ohio for the construction of the Youngstown  Convocation Center.
ICC is now in the design and build portion of the agreement.  We anticipate that
the facility  will be completed in the second half of 2005.  Revenues from these
types of projects are  relatively  infrequent  and  difficult to predict.  ICC's
revenues  represented 61.1% of our total revenue for the first nine months ended
February  28, 2005,  compared to 22.6% of our total  revenue for the nine months
ended February 29, 2004.

Licensing and advertising fees increased $440,588,  from $1,893,910 for the nine
months ended February 29, 2004, to $2,334,498 for the nine months ended February
28,  2005.  This 23.3%  increase  resulted  from an  increase in  licensing  and
advertising  revenues as a direct  result of the merger with Cragar  Industries,
Inc.  which is now a wholly owned  subsidiary.  The Cragar  merger was closed in
March 2004, and was an entirely new revenue source for us during the nine months
ended  February 28, 2005.  GEMS also  negotiated an agreement for the payment of
commissions for the Larimer County,  Colorado Fair Grounds.  This contributed to
the $167,667 increase in revenues for the nine months ended February 28, 2005.

Franchise  fees  increased  $975,000,  from  $40,000 for the nine months  ending
February 29, 2004 to $1,015,000  for the nine months ended February 28, 2005. We
realized  revenue  from  one new  franchise  sale in  Youngstown,  Ohio.  No new
transfers or relocations  were realized  during the period.  This franchise sale
represents the purchase of franchise  rights for a new CHL member team that will
play in the new Youngstown  Convocation  Center in the 2005-2006  hockey season.
Revenue, if any, from new franchise fees or from the transfer fees or relocation
fees of franchises in any fiscal year or interim period is unpredictable.

Ticketing  service fees totaled  $119,891 for the nine months ended February 28,
2005. There were no revenues from ticketing services earned in prior periods, as
GETTIX  began formal  operations  in September  2004.  Prior to September  2004,
GETTIX only incurred startup expenses.

Other revenue  increased $27,530 in the nine months ended February 28, 2005 from
$13,983 for the nine months ended  February  29,  2004,  to $41,513 for the nine
months  ended  February  28, 2005.  This  increase was the result of  successful
negotiation of a special advertising contract with a sponsor for selected hockey
markets  for the CHL.  It is not  anticipated  that  similar  contracts  will be
obtained in the future.

                                       16
<PAGE>
OPERATING COSTS:

<TABLE>
<CAPTION>
                                     Nine months                 Nine months                    Dollar         Percent
                                        ended       Percent of      ended      Percent of       Change          Change
                                     February 28,      2005      February 29,     2004       Between 2004    Between 2004
                                        2005         Revenue        2004        Revenue        and 2005        and 2005
                                     ----------      -------     ------------   -------        --------        --------
<S>                                  <C>              <C>         <C>             <C>         <C>             <C>
Operating Costs
  Cost of revenues                   $5,307,594       58.8%       $  502,963      20.0%        $4,804,631       955.3%
  General and administrative costs    3,584,774       39.7%        1,992,009      79.2%         1,592,765        80.0%
                                     ----------       ----        ----------      ----         ----------       -----
  Total                              $8,892,368       98.5%       $2,494,972      99.2%        $6,397,396       256.4%
                                     ==========       ====        ==========      ====         ==========       =====
</TABLE>

Total  operating  costs  increased by $6,397,396,  from  $2,494,972 for the nine
months ended  February 29, 2004 to $8,892,368 for the nine months ended February
28, 2005.  This 256.4% increase  resulted  primarily from an increase in cost of
revenue of $4,804,631, from $502,963 for the nine months ended February 29, 2004
to  $5,307,594  for the  nine  months  ended  February  28,  2005.  The  project
management  agreement for the City of Youngstown,  Ohio and the costs associated
with project  management  services related to the construction of the Youngstown
Convocation Center are the primary reasons for this change.

General and administrative  expenses increased  $1,592,765,  from $1,992,009 for
the nine months ended February 29, 2004, to $3,584,774 for the nine months ended
February 28, 2005. This 80.0% increase resulted from  approximately  $537,104 in
expenses associated with the formation,  start up, and operations of GETTIX, and
also  approximately  $739,019  of expenses  associated  with  general  corporate
expansion and increased overhead to meet additional staffing needs and marketing
activities. Finally, the present nine month period results also include $316,642
in  expenditures  for Cragar that are not  reflected in the  corresponding  2004
period, since we did not acquire Cragar until March 2004. The results for Cragar
include  allocations  from Global  Entertainment  administrative  personnel  for
shared services.

INCOME FROM OPERATIONS:

<TABLE>
<CAPTION>
                                     Nine months                 Nine months                    Dollar         Percent
                                        ended       Percent of      ended      Percent of       Change          Change
                                     February 28,      2005      February 29,     2004       Between 2004    Between 2004
                                        2005         Revenue        2004        Revenue        and 2005        and 2005
                                     ----------      -------     ------------   -------        --------        --------
<S>                                  <C>              <C>         <C>             <C>         <C>             <C>
Income from operations                $139,973        1.5%         $20,111        0.8%         $119,862          596.0%
</TABLE>

Income from operations was $139,973 for the nine months ended February 28, 2005,
compared to $20,111 for the nine months ended  February 29, 2004.  This increase
of $119,862  was due in part to the  recognition  of GEMS  commissions  from the
Larimer County Fair Grounds contract.  We reached an agreement with the facility
owners for future  commissions and discounted those future amounts for one final
payment.  Prior to this agreement,  such revenues would not have been recognized
until the period in which payments on completed contracts would have been billed
by  Larimer  County  Fair  Grounds.  As a result of this  agreement,  we are now
released from future administrative obligations for servicing those contracts.

                                       17
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES

Our  primary  source of  operating  capital in fiscal  year 2005 has been and is
expected to continue to be from league  assessments  from the CHL,  and also our
new revolving  credit facility  (described  below).  Since there is no assurance
that we will be able to supplement our operating  capital through franchise fees
or service fees from our new  operation,  GETTIX,  we must  generate  sufficient
levels of cash from  operations to meet our working  capital  needs,  or rely on
equity or debt financing to meet cash requirements.

During the period, we entered into a $1,000,000 revolving credit facility with a
commercial  lender.  We have used and expect to continue to use this facility as
our working capital needs exceed cash flow from operations. This credit facility
has been secured by  substantially  all of our tangible and  intangible  assets,
including Cragar's  trademark  portfolio and a pledge of Cragar's capital stock.
The facility bears interest at the lender's prime rate,  plus 1%. As of February
28, 2005,  there was $399,000  outstanding  under this  facility and we have the
capacity  to  borrow  an  additional  $601,000,  assuming  all of the  borrowing
conditions  are met.  In order  to  continue  borrowing,  we must  meet  certain
financial  covenants,  including  maintaining  a current ratio  (current  assets
compared  to current  liabilities)  of 1.05 to 1.0 as of the end of each  fiscal
quarter,  tangible  net  worth  of at  least  $375,000,  and a  ratio  of  total
liabilities to earnings before interest, taxes and depreciation and amortization
of not more than 3.0 to 1.0 on a rolling  annual basis for each quarter up until
the quarter  ended  February 28, 2005,  and 2.5 to 1.0 for reach  quarter  after
that.  We must  maintain a $0 unpaid  balance  for a  consecutive  30 day period
during the term of the facility.  The facility will mature on November 19, 2005.
In the event that this credit  facility  were to prove  insufficient,  or in the
event  that we are unable to  continue  borrowing  under it, we likely  would be
required to obtain  additional  equity or debt financing,  and the terms of such
financing,  if it is available at all, may be dilutive to existing  stockholders
and may be  unfavorable  to us in other  respects.  In that case,  our financial
condition and ability to continue  operations  could be materially and adversely
affected.  As of February  28,  2005,  the Company  was in  compliance  with all
provisions of the covenants for this line of credit.

For the nine months ended February 28, 2005,  cash used by operating  activities
totaled  $452,300  compared to $108,560 for the nine months  ended  February 29,
2004. This is primarily due to the timing of new franchise payments.

Cash used in  investing  activities  totaled  $176,710 for the nine months ended
February 28, 2005, as compared to $72,449 for the nine months ended February 29,
2004. This increase in use of funds is predominantly  attributed to the purchase
of capital equipment and furniture related to the startup operations of GETTIX.

Cash provided by financing activities totaled $266,501 for the nine months ended
February  28, 2005 as compared to cash used in financing  activities  of $36,956
for the nine months ended February 29, 2004.  This increase is the result of the
use of a credit  facility  during the period and offset by a repayment of a note
assumed in conjunction with the merger with Cragar.

Management  believes  there will be sufficient  cash to fund  operations for the
next 12 months.  Even so,  management  continues to contemplate  alternatives to
enable us to fund continuing  operations  should  unforeseen  events cause us to
have insufficient cash to support operations.  Should the Company find itself in
a position of negative working capital,  any inability to obtain additional cash
as needed,  could have a material  adverse effect on our financial  position and
results of operations.

SEASONALITY

We experience  significant  seasonality in our cash flows from assessment  fees,
and must budget our cash flow  accordingly.  Approximately 75% of our assessment
fees are received prior to the start of the CHL hockey season in October of each
year.

INFLATION

We do not  believe  that  inflation  has been a  material  factor  in our  prior
operations,  nor do we  anticipate  that  general  price  inflation  will have a
significant impact on our operations in the near future.

                                       18
<PAGE>
NEW ACCOUNTING PRONOUNCEMENTS

In May 2003,  the FASB issued SFAS No. 150,  "Accounting  for Certain  Financial
Instruments with Characteristics of both Liabilities and Equity." This Statement
establishes  standards  for  how  an  issuer  classifies  and  measures  certain
financial  instruments with  characteristics of both liabilities and equity. The
provisions  of SFAS No.  150,  which  also  include a number  of new  disclosure
requirements,  are effective for instruments  entered into or modified after May
15, 2003 and  pre-existing  instruments as of the beginning of the first interim
period that commences  after June 15, 2003. The adoption of SFAS No. 150 did not
have a significant effect on our results of operations or financial position.

In November  2004, the Financial  Accounting  Standards  Board  ("FASB")  issued
Statement of Financial  Accounting  Standards No. 151 ("SFAS  151"),  "Inventory
Costs."  SFAS 151  amends the  guidance  in APB No.  43,  Chapter 4,  "Inventory
Pricing,"  to clarify  the  accounting  for  abnormal  amounts of idle  facility
expense,  freight,  handling  costs,  and wasted material  (spoilage).  SFAS 151
requires that those items be recognized as current period charges  regardless of
whether they meet the criteria of "so abnormal." In addition,  SFAS 151 requires
that  allocation  of fixed  production  overheads to the costs of  conversion be
based on the normal capacity of the production facilities. SFAS 151 is effective
for financial  statements issued for fiscal years beginning after June 15, 2005.
Management  has not yet determined the effects of adopting this statement on the
Company's financial position or results of operations.

In December  2004, the Financial  Accounting  Standards  Board  ("FASB")  issued
Statement of Financial Accounting Standards No. 153 ("SFAS 153"),  "Exchanges of
Non-monetary  Assets."  SFAS 153 amends the guidance in APB No. 29,  "Accounting
for  Non-monetary  Assets." APB No. 29 was based on the principle that exchanges
of  non-monetary  assets  should be  measured  on the fair  value of the  assets
exchanged.   SFAS  153  amends  APB  No.  29  to  eliminate  the  exception  for
non-monetary  exchanges  of similar  productive  assets and  replaces  it with a
general  exception  for  exchanges  of  non-monetary  assets  that  do not  have
commercial  substance  if the future  cash flows of the entity are  expected  to
change  significantly  as a result of the  exchange.  SFAS 151 is effective  for
financial  statements  issued for fiscal  years  beginning  after June 15, 2005.
Management  has not yet determined the effects of adopting this statement on the
Company's financial position or results of operations.

In December  2004, the Financial  Accounting  Standards  Board ("FASB")  revised
Statement  of  Financial   Accounting   Standards   No.  123  ("SFAS   123(R)"),
"Share-Based  Payment." The SFAS 123(R) revision  established  standards for the
accounting for transactions in which an entity exchanges its equity  instruments
for goods or services and focuses  primarily on accounting for  transactions  in
which an entity obtains employee services in share-based  payment  transactions.
It does not change the accounting guidance for share-based payment  transactions
with parties other than employees. For public entities that do not file as small
business issuers, the revisions to SFAS 123 are effective as of the beginning of
the first  interim or annual  reporting  period that begins after June 15, 2005.
Management intends to comply with the standard upon its effectiveness;  however,
we do not believe that the impact  would be  materially  different  from the pro
forma  disclosure  under  SFAS No.  123.  See  Note  1--Summary  of  Significant
Accounting  Policies  and  Use of  Estimates  in the  accompanying  consolidated
financial statements for disclosure  information regarding Proforma stock option
expense.

ITEM 3.  CONTROLS AND PROCEDURES

Our Chief Executive  Officer and our Chief Financial  Officer,  after evaluating
the effectiveness of Global's  disclosure controls and procedures (as defined in
the Securities and Exchange Act of 1934, Rules 13a-14(c) and 15d-14(c),  as of a
date within 90 days of the filing date of this  quarterly  report on Form 10-QSB
(the  "Evaluation  Date"),  have concluded  that as of the Evaluation  Date, our
disclosure  controls and procedures  contained a material  weakness and were not
adequate and effective to ensure that material  information relating to us would
be made known to them by others within those entities,  particularly  during the
period in which this quarterly report on Form 10-QSB was being prepared.

Several items of expense were not timely accrued,  and some proforma disclosures
were omitted. These items were identified and corrected prior to this filing. As
a result,  changes in purchasing and  authorization  controls have been modified

                                       19
<PAGE>
and will  continue to be  monitored  to evaluate  the  effectiveness  of the new
controls.  Specifically,  delays in authorizing  the  distribution  of funds for
sponsorship  contracts  needed to be  addressed.  While  this did not  result in
significant  changes in our  internal  controls,  the  modification  will have a
positive affect on our disclosure  controls and procedures,  thereby eliminating
any significant  deficiencies or material weaknesses in such disclosure controls
and procedures.

                           PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

In the  ordinary  course of business  we  experience  ancillary  exposure to the
general  public,  due  primarily  to our  facilities  operations.  As  with  the
construction  and  management of any  facilities,  there exists a degree of risk
that fans or other public attendees or visitors may be accidentally  injured. To
mitigate this risk, we maintain insurance coverage in amounts and covering risks
that we believe to be reasonably foreseeable, but there is no assurance that our
insurance will be sufficient to cover actual liabilities.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits. See Exhibit Index attached.

(b) Reports on Form 8-K. On December 9, 2004, we filed a report on Form 8-K with
the SEC relating to a press release  announcing that we had entered into two new
licensing  agreements  relating to Cragar. On January 14, 2005 we filed a report
on Form 8-K with the SEC relating to our financial  results for the first fiscal
quarter of 2005. On February 8, 2005, we filed a report on Form 8-K with the SEC
relating to a press  release  announcing  the  approval  of a new  multi-purpose
events center project in Austin,  Texas. On February 25, 2005, we filed a report
on Form 8-K with the SEC relating to a press release  announcing the approval of
a new multi-purpose events center project in Prescott, Arizona.

                                       20
<PAGE>
                                    SIGNATURE

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

                                        Global Entertainment Corporation
                                                 (Registrant)


April 14, 2005                          By /s/ Richard Kozuback
                                          -----------------------------------
                                          Richard Kozuback
                                          President & Chief Executive Officer



April 14, 2005                          By /s/ J. Craig Johnson
                                          -----------------------------------
                                          J. Craig Johnson
                                          Chief Financial Officer

                                       21
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                                  EXHIBIT INDEX


EXHIBIT

31.1*   Certifications Pursuant to 18 U.S.C. Section 1350-Section 302, signed by
        Richard Kozuback, Chief Executive Officer

31.2*   Certifications Pursuant to 18 U.S.C. Section 1350-Section 302, signed by
        J. Craig Johnson, Chief Financial Officer

32**    Certification  Pursuant to 18 U.S.C. Section 1350-Section 906, signed by
        Richard Kozuback,  Chief Executive  Officer and J. Craig Johnson,  Chief
        Financial Officer

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*    Filed herewith.
**   Furnished herewith.