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

                                    FORM 10-Q

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

    For the quarterly period ended August 31, 2008

[ ] 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 000-50643


                        GLOBAL ENTERTAINMENT CORPORATION
             (Exact name of registrant as specified in its charter)

            Nevada                                               86-0933274
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

1600 N Desert Drive, Suite 301, Tempe, AZ                          85281
(Address of principal executive offices)                         (Zip Code)

                                 (480) 994-0772
              (Registrant's telephone number, including area code)


              (Former name, former address and former fiscal year,
                         if changed since last report)

Indicate by check mark if the registrant  (1) has filed all reports  required to
be filed by Section 13 or 15(d) of the  Securities  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 [ ]

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated filer, a non-accelerated  filer, or a smaller reporting company. See
the definitions of "large accelerated  filer,"  "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]                        Accelerated filer [ ]
Non-accelerated filer [ ]                          Smaller reporting company [X]
(Do not check if a smaller reporting company)

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act.): Yes [ ] No [X]

At September  30, 2008,  6,625,114  shares of Global  Entertainment  Corporation
common stock were outstanding.
<PAGE>
                        GLOBAL ENTERTAINMENT CORPORATION
                                      INDEX
                               REPORT ON FORM 10-Q
                      FOR THE QUARTER ENDED AUGUST 31, 2008


PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements                                                  3

     Condensed Consolidated Balance Sheets - As of August 31, 2008
     (Unaudited) and May 31, 2008                                              3

     Condensed Consolidated Statements of Operations (Unaudited) -
     Three Months Ended August 31, 2008 and 2007                               4

     Condensed Consolidated Statements of Changes in Stockholders'
     Equity - Year Ended May 31, 2008 and Three Months Ended
     August 31, 2008 (Unaudited)                                               5

     Condensed Consolidated Statements of Cash Flows (Unaudited) -
     Three Months Ended August 31, 2008 and 2007                               6

     Notes to Condensed Consolidated Financial Statements                      7

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations                                            17
Item 3.  Quantitative and Qualitative Disclosures about Market Risk           22
Item 4T. Controls and Procedures                                              22

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings                                                    23
Item 1A. Risk Factors                                                         24
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds          24
Item 3.  Defaults upon Senior Securities                                      24
Item 4.  Submission of Matters to a Vote of Security Holders                  24
Item 5.  Other Information                                                    24
Item 6.  Exhibits                                                             24

                                       2
<PAGE>
                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
               AS OF AUGUST 31, 2008 (UNAUDITED) AND MAY 31, 2008
                    (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

<TABLE>
<CAPTION>
                                                                          August 31,          May 31,
                                                                            2008               2008
                                                                          --------           --------
<S>                                                                       <C>                <C>
                                     ASSETS
CURRENT ASSETS:
  Cash and cash equivalents                                               $    563           $    443
  Restricted cash                                                            1,250                 --
  Accounts receivable, net of $2 allowance
   August 31, 2008 and May 31, 2008                                          1,197              1,111
  Prepaid expenses and other assets                                            299                239
  Investment in Wenatchee project                                           47,209             34,473
  Assets to be disposed                                                         --              2,167
                                                                          --------           --------
      TOTAL CURRENT ASSETS                                                  50,518             38,433

Property and equipment, net                                                    229                266
Goodwill                                                                       519                519
Deferred income tax asset                                                      112                 --
Other assets                                                                   265                108
Minority interests                                                              46                 38
                                                                          --------           --------
      TOTAL ASSETS                                                        $ 51,689           $ 39,364
                                                                          ========           ========

                      LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
  Accounts payable                                                        $  7,281           $  7,718
  Accrued liabilities                                                          990                750
  Deferred revenues                                                            527                 24
  Notes payable - current portion                                           39,651             27,220
  Liabilities related to assets to be disposed                                  --                233
                                                                          --------           --------
      TOTAL CURRENT LIABILITIES                                             48,449             35,945

Deferred income tax liability                                                  117                117
Notes payable - long-term portion                                              153                180
                                                                          --------           --------
      TOTAL LIABILITIES                                                     48,719             36,242
                                                                          --------           --------
COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
  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;
   6,625,114 shares issued and outstanding as of August 31, 2008
   and May 31, 2008                                                              7                  7
  Paid-in capital                                                           10,938             10,930
  Accumulated deficit                                                       (7,975)            (7,815)
                                                                          --------           --------
      TOTAL STOCKHOLDERS' EQUITY                                             2,970              3,122
                                                                          --------           --------
      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                          $ 51,689           $ 39,364
                                                                          ========           ========
</TABLE>

               The accompanying notes are an integral part of the
                  condensed consolidated financial statements.

                                       3
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
               FOR THE THREE MONTHS ENDED AUGUST 31, 2008 AND 2007
         (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

<TABLE>
<CAPTION>
                                                                 Three Months Ended August 31,
                                                                -------------------------------
                                                                   2008                 2007
                                                                ----------           ----------
<S>                                                             <C>                  <C>
REVENUES:
  Project management fees                                       $      465           $      125
  Facility management fees                                             445                  964
  License fees                                                         375                  917
  Ticket service fees                                                  620                  779
  Project development fees                                             209                  181
  Advertising sales commissions                                        245                  255
  Other revenue                                                         --                    3
                                                                ----------           ----------
      TOTAL REVENUES                                                 2,359                3,224
                                                                ----------           ----------
OPERATING COSTS:
  Cost of revenues                                                     979                1,700
  General and administrative costs                                   1,496                3,013
                                                                ----------           ----------
      TOTAL OPERATING COSTS                                          2,475                4,713
                                                                ----------           ----------
LOSS FROM OPERATIONS                                                  (116)              (1,489)

OTHER INCOME (EXPENSE):
  Interest income                                                        3                   45
  Interest expense                                                      (7)                  (8)
  Minority interests                                                     8                    2
                                                                ----------           ----------
      TOTAL OTHER INCOME                                                 4                   39
                                                                ----------           ----------
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES                   (112)              (1,450)
INCOME TAX BENEFIT                                                      --                   --
                                                                ----------           ----------
LOSS FROM CONTINUING OPERATIONS                                       (112)              (1,450)
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES                 (48)                 (68)
                                                                ----------           ----------
NET LOSS                                                        $     (160)          $   (1,518)
                                                                ==========           ==========
LOSS PER SHARE:
  Basic -
    Loss from continuing operations                             $    (0.02)          $    (0.22)
    Loss from discontinued operations                                   --                (0.01)
                                                                ----------           ----------
    Net loss                                                    $    (0.02)          $    (0.23)
                                                                ==========           ==========
  Diluted -
    Loss from continuing operations                             $    (0.02)          $    (0.22)
    Loss from discontinued operations                                   --                (0.01)
                                                                ----------           ----------
    Net loss                                                    $    (0.02)          $    (0.23)
                                                                ==========           ==========
WEIGHTED AVERAGE SHARES OUTSTANDING:
  Basic                                                          6,625,114            6,508,700
                                                                ==========           ==========
  Diluted                                                        6,625,114            6,508,700
                                                                ==========           ==========
</TABLE>

               The accompanying notes are an integral part of the
                  condensed consolidated financial statements.

                                       4
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
      CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                     FOR THE YEAR ENDED MAY 31, 2008 AND THE
                 THREE MONTHS ENDED AUGUST 31, 2008 (UNAUDITED)
                      (IN THOUSANDS, EXCEPT SHARE AMOUNTS)

<TABLE>
<CAPTION>
                                        Common Stock
                                     -------------------       Paid-in       Accumulated
                                     Shares       Amount       Capital         Deficit         Total
                                     ------       ------       -------         -------         -----
<S>                                <C>            <C>         <C>            <C>             <C>
BALANCE AT MAY 31, 2007            6,508,173      $    7      $  10,731      $  (3,784)      $   6,954

Exercise of options                   13,941          --             --             --              --

Issuance of restricted stock           3,000          --             36             --              36

Issuance of stock                    100,000          --            163             --             163

Net loss for the fiscal year
ended May 31, 2008                        --          --             --         (4,031)         (4,031)
                                   ---------      ------      ---------      ---------       ---------

BALANCE AT MAY 31, 2008            6,625,114           7         10,930         (7,815)          3,122

Issuance of restricted stock              --          --              8             --               8

Net loss for the three months
ended August 31, 2008                     --          --             --           (160)           (160)
                                   ---------      ------      ---------      ---------       ---------

BALANCE AT AUGUST 31, 2008         6,625,114      $    7      $  10,938      $  (7,975)      $   2,970
                                   =========      ======      =========      =========       =========
</TABLE>

               The accompanying notes are an integral part of the
                  condensed consolidated financial statements.

                                       5
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED AUGUST 31, 2008 AND 2007
                           (UNAUDITED) (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                     Three Months Ended August 31,
                                                                     -----------------------------
                                                                       2008                 2007
                                                                     --------             --------
<S>                                                                  <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                                           $   (160)            $ (1,518)
  Adjustments to reconcile net loss to net cash
   used in operating activities -
     Depreciation                                                          34                   38
     Unbilled earnings on Wenatchee project                              (174)                  --
     Other non-cash items                                                   8                   --
     Discontinued operations and related impairment charges                 5                  (34)
     Changes in assets and liabilities, net of businesses
      acquired and disposed -
        Accounts receivable                                               (64)               1,643
        Prepaid expenses and other assets                                (217)                 (96)
        Accounts payable                                                 (443)              (1,115)
        Accrued liabilities                                               240                  196
        Deferred revenues                                                 503                  429
                                                                     --------             --------
            Net cash used in operating activities                        (268)                (457)
                                                                     --------             --------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of property and equipment                                       --                  (37)
  Investment in Wenatchee project                                     (12,556)              (7,541)
  Proceeds from disposition of Cragar, net of expenses                  1,790                   --
                                                                     --------             --------
            Net cash used in investing activites                      (10,766)              (7,578)
                                                                     --------             --------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Notes payable proceeds                                               12,679                6,549
  Notes payable payments                                                 (275)                  --
  Deposit of restricted cash                                           (1,250)                  --
                                                                     --------             --------
            Net cash provided by financing activities                  11,154                6,549
                                                                     --------             --------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                      120               (1,486)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                            443                4,252

                                                                     --------             --------
CASH AND CASH EQUIVALENTS, END OF PERIOD                             $    563             $  2,766
                                                                     ========             ========

SUPPLEMENTAL DISCLOSURES:
  Interest  paid                                                     $      7             $      8
                                                                     ========             ========
  Income taxes paid (received)                                       $     --             $     --
                                                                     ========             ========
</TABLE>

               The accompanying notes are an integral part of the
                  condensed consolidated financial statements.

                                       6
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


--------------------------------------------------------------------------------
                   BASIS OF PRESENTATION AND USE OF ESTIMATES
--------------------------------------------------------------------------------

DESCRIPTION OF THE COMPANY

Global  Entertainment  Corporation  (referred  to in this  report as "we," "us,"
"Global,",  "Company" or "GEC") is an integrated event and entertainment company
that is engaged,  through its wholly owned  subsidiaries,  in sports management,
multipurpose  events  center and related real estate  development,  facility and
venue management and marketing, and venue ticketing. We are primarily focused on
projects located in mid-size communities in the United States.

Our current operating subsidiaries are Western Professional Hockey League, Inc.,
Global Properties I, International Coliseums Company, Inc., Global Entertainment
Marketing Systems,  Inc., Global  Entertainment  Ticketing,  and Encore Facility
Management.

We, through our wholly owned  subsidiary,  Western  Professional  Hockey League,
Inc., are the operator of the Western Professional Hockey League (WPHL), a minor
league   professional  hockey   organization,   and  are  the  licensor  of  the
independently  owned  hockey  teams which  participate  in the league.  WPHL has
entered into a joint  operating  agreement with the Central Hockey League,  Inc.
(CHL Inc.). The effect of the joint operating  agreement is that the two leagues
had their  respective  teams join together and operate under the Central  Hockey
League name (as the League).  The terms of the joint operating  agreement define
how the League will operate.

The League is a structured  licensed  sports league,  which  includes  competing
teams located in various states, including Texas, Colorado,  Kansas,  Louisiana,
Mississippi, South Dakota, New Mexico, Oklahoma, and Arizona. There are 17 teams
in the  2008-09  season and there were 17 teams in the 2007-08  season.  In each
season 13 teams were  licensed by WPHL. In each season,  4 teams,  each of which
was an original CHL, Inc. team,  continue to operate under a sanction  agreement
that requires direct payments to the League pursuant to the terms and conditions
of the original CHL, Inc. agreements.

Global  Properties I (GPI) provides services in targeted  mid-sized  communities
across the United  States  related to the  development  of  multipurpose  events
centers and surrounding multi-use real estate development.

GPI,  along  with  International   Coliseums  Company,   Inc.  (ICC),   develops
multipurpose  events  centers in mid-market  communities.  ICC's  development of
multipurpose  events centers promotes the development of the League by assisting
potential   licensees  in  securing  quality  venues  in  which  to  play  minor
professional  hockey league games. The  inter-relationship  between GPI, ICC and
WPHL is a key factor in the  viability of a managed  multipurpose  entertainment
facility.

Global  Entertainment  Marketing Systems,  Inc. (GEMS),  promotes,  markets, and
sells  various  services  related  to  multipurpose   entertainment  facilities,
including  all  contractually  obligated  income (COI)  sources such as facility
naming  rights,  luxury  suite  sales,  club seat  license  sales,  and facility
sponsorship agreements.

Global  Entertainment  Ticketing  (GetTix) provides  ticketing  services for the
multipurpose  event centers developed by GPI and ICC, existing League licensees,
and various other  entertainment  venues,  theaters,  concert  halls,  and other
facilities and event coordinators.  GetTix provides a full ticketing solution by
way of box office,  phone,  internet and  print-at-home  service  that  utilizes
distribution outlets in each market.  GetTix uses third-party,  state-of-the-art
software to deliver ticketing  capabilities  that include database  flexibility,
easy season and group options, financial reporting and marketing resources.

                                       7
<PAGE>
Encore Facility  Management  (Encore) provides a full complement of multipurpose
events  center  operational  services.  These  services  provide  administrative
oversight  in the  areas of  facility/property  management  and  finance,  event
bookings,  and food and  beverage.  Encore is currently  involved  with facility
management of  multipurpose  events centers  developed by GPI and ICC.  Facility
management operations are conducted under separate limited liability companies.

On  August  1,  2008,  we  closed  a  transaction  pursuant  to  which  we  sold
substantially  all of the  assets  of our  subsidiary  Cragar  Industries,  Inc.
(Cragar),  a licensor of an automotive  aftermarket  wheel trademark and brand -
CRAGAR(R).  The assets  consisted  primarily of intangible  property,  including
trademarks, service marks and domain names. The purchase price was approximately
$1.9  million  in  cash.  Of the  cash  proceeds,  $0.1  million  was  used  for
transaction-related  costs and $1.25  million has been set aside in a restricted
account as security for a letter of credit.  The remainder of the funds was made
available for working capital and general corporate purposes.

BASIS OF PRESENTATION

The condensed  consolidated  financial statements include the accounts of Global
Entertainment  Corporation  and its wholly owned  subsidiaries,  WPHL, GPI, ICC,
GEMS,  Encore,  GetTix and Cragar,  as well as the limited  liability  companies
formed for facility management. Intercompany balances and transactions have been
eliminated in consolidation.

The 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-Q. 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 three month period  ended  August 31,  2008,  are not
necessarily  indicative  of the results that may be expected for the year ending
May 31, 2009, or for any other period.

For  further  information,  refer  to the  financial  statements  and  footnotes
included in our report on Form 10-K for the year ended May 31, 2008.

Certain  reclassifications  are  reflected  in prior  periods for the purpose of
consistent presentation.

USE OF ESTIMATES

Management uses estimates and assumptions in preparing  financial  statements in
accordance with accounting  principles  generally accepted in the United States.
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 condensed consolidated financial statements.

Significant  accounting  policies  are  described  in the  audited  consolidated
financial  statements and notes thereto  included in our Report on Form 10-K for
the year ended May 31,  2008.  We believe our critical  accounting  policies and
material estimates  include,  but are not limited to, revenue  recognition,  the
allowance  for  doubtful  accounts,  arena  guarantees,  the  carrying  value of
goodwill,  the  realization  of deferred  income tax  assets,  the fair value of
liability related to the secondary guarantee related to a worker's  compensation
program, and the allocation of expenses,  division of profit or loss relating to
the    joint    operating    agreement,    and    the    application    of   the
percentage-of-completion  method.  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.

RECENT ACCOUNTING PRONOUNCEMENTS

In June 2006,  the FASB issued  FASB  Interpretation  No. 48 (FIN No.  48),  "An
Interpretation  of FASB  Statement No. 109," which  clarifies the accounting for
uncertainty in income taxes  recognized in a company's  financial  statements in
accordance  with FASB Statement No. 109,  "Accounting  for Income  Taxes".  This

                                       8
<PAGE>
interpretation  prescribes a recognition threshold and measurement attribute for
the financial  statement  recognition and measurement of a tax position taken or
expected  to be taken in a tax  return.  It  reflects  the  benefit  recognition
approach,  where a tax benefit is recognized  when it is more likely than not to
be  sustained  based on the  technical  merits of the  position.  We adopted the
interpretation  on June 1,  2007,  and  there  was no  impact  on our  financial
position or results of  operations.  We have not been  examined by any major tax
jurisdictions.

In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements".  The
statement  defines fair value,  establishes a framework for measuring fair value
in generally accepted  accounting  principles  (GAAP),  and expands  disclosures
about fair value measurements. We adopted this statement prospectively effective
June 1, 2008,  and there was no impact on our  financial  position or results of
operations.

In February  2007,  the FASB issued  SFAS No.  159,  "The Fair Value  Option for
Financial Assets and Financial Liabilities".  This statement permits entities to
choose to measure many  financial  instruments  and certain  other items at fair
value. An entity shall report unrealized gains and losses on items for which the
fair value  option has been  elected in  earnings at each  subsequent  reporting
date. We adopted this statement  prospectively  effective June 1, 2008 and there
was no impact on our financial  position or results of  operations.  We have not
elected the fair value option for any eligible items.

In December  2007,  the FASB issued SFAS No. 160,  "Noncontrolling  Interests in
Consolidated  Financial Statements,  an amendment of ARB No. 51". This statement
establishes accounting and reporting standards for noncontrolling interests in a
subsidiary  and for the  deconsolidation  of a subsidiary.  The  statement  also
provides  consolidated  income  statement  presentation  guidance  and  requires
expanded disclosures.  This statement is effective for our fiscal year beginning
June 1, 2009,  and interim  periods  within  that year.  The  statement  will be
applied prospectively,  except for the presentation and disclosure requirements,
which will be applied retrospectively for all periods presented. We have not yet
evaluated  the effect  this  statement  will have on our  financial  position or
results of operations.

--------------------------------------------------------------------------------
                         EARNINGS (LOSS) PER SHARE (EPS)
--------------------------------------------------------------------------------

Basic earnings  (loss) per share of common stock is computed by dividing the net
income  (loss)  by the  weighted  average  number  of  shares  of  common  stock
outstanding during the period.  Diluted earnings (loss) per share is computed by
dividing net income  (loss) by the weighted  average  number of shares of common
stock and dilutive securities outstanding during the period. Dilutive securities
are not included in the weighted  average number of shares when inclusion  would
increase the income per share or decrease the loss per share. The computation of
diluted EPS equals the basic  calculation in each year presented  because common
stock equivalents were antidilutive due to losses from continuing operations for
each of the years presented.

                                       9
<PAGE>
Reconciliations  of the numerators and  denominators in the EPS computations for
loss from continuing operations follow:

<TABLE>
<CAPTION>
                                                              Three Months Ended August 31,
                                                             -------------------------------
                                                                2008                 2007
                                                             ----------           ----------
<S>                                                          <C>                  <C>
NUMERATOR (in thousands):
Basic and diluted - loss from continuing
 operations                                                  $     (112)          $   (1,450)
                                                             ==========           ==========
DENOMINATOR:
Basic EPS - weighted average shares outstanding               6,625,114            6,508,700
Effect of dilutive securities                                        --                   --
                                                             ----------           ----------
Diluted EPS - weighted average shares outstanding             6,625,114            6,508,700
                                                             ==========           ==========
Number of shares of common stock which could
 be purchased with average outstanding securities
 not included in diluted EPS because effect would
 be antidilutive -
   Stock options (average price of $4.89 and $4.76)             390,148              567,457
   Warrants (average price of $6.32)                            275,760              275,760
   Restricted stock                                              20,500               12,935
</TABLE>

The  impacts  of  all  outstanding   options,   warrants  and  restricted  stock
outstanding at August 31, 2008,  were not included in the calculation of diluted
EPS for the three  months  ended  August  31,  2008,  because  to do so would be
antidilutive.   Outstanding   options,   warrants  and  restricted  stock  could
potentially dilute EPS in the future.

--------------------------------------------------------------------------------
                         INVESTMENT IN WENATCHEE PROJECT
--------------------------------------------------------------------------------

We are providing  construction  management  services under an agreement with the
City of Wenatchee,  Washington, related to a multi-purpose events center in that
city.  Investment  in  Wenatchee  project  of  $47.2  million  on the  condensed
consolidated balance sheets represents costs and estimated earnings in excess of
billings  on this  construction  project,  which we own  until  construction  is
complete and the facility is sold.  Revenues earned on this project are recorded
based on the ratio of costs incurred to the total costs expected to be incurred.
For this  purpose,  only costs  related to  performance  under the  contract are
considered.  This cost-to-cost  method is used because management believes costs
are the best  available  measure of our progress on this  fixed-price  contract,
which may be modified by incentive and penalty  provisions.  At August 31, 2008,
investment in Wenatchee project consisted of costs incurred of $46.1 million and
estimated earnings of $1.3 million. Estimated earnings of $1.1 million have been
included in project management fees and $0.2 million in project development fees
in the condensed  consolidated  statements  of operations  from the start of the
project through August 31, 2008. Under the terms of our construction  management
agreement,  we are not able to bill the City for our  services  and will receive
our revenue out of the proceeds from the sale of the facility.

At August 31,  2008 and May 31,  2008,  approximately  $5.9  million of payables
related to expenditures on the project were included in accounts payable.

Costs  associated  with the project,  including  all direct and indirect  costs,
including contract  supervision and interest during the construction period, are
being  recorded  as  investment  in  Wenatchee  project  until the  building  is
completed. Accumulated interest through August 31, 2008, totals $1.2 million. We
expect  project costs to total between $52 million and $54 million.  The Greater
Wenatchee Regional Events Center Public Facilities  District (PFD) has exercised
its  option  under  a  lease  to  buy  the  events  center  upon  completion  of
construction,  which  occurred  in the first  week of October  2008.  As further
discussed in the following  note,  the PFD intends to issue bonds to finance its
purchase of the facility;  however, as of the date of this filing the bonds have
not yet been issued.

                                       10
<PAGE>
--------------------------------------------------------------------------------
                                  NOTES PAYABLE
--------------------------------------------------------------------------------

In August 2007, we entered into an agreement with Marshall  Financial Group, LLC
(Marshall) to borrow up to $52.0 million for the construction of a multi-purpose
events center in Wenatchee, Washington. The outstanding principal balance of the
note bears  interest at a rate of prime plus 0.25%  (5.25% at August 31,  2008).
The note is payable in its entirety in August 2009.  Financial  covenants of the
Marshall  note require that we maintain a level of  stockholders'  equity of not
less than $9.0 million and unrestricted  cash, cash  equivalents,  time deposits
and marketable  securities of not less than $3.5 million. As of August 31, 2008,
we were not in compliance with these financial covenants.

The PFD entered into an agreement with us in May 2007 to lease the events center
upon  substantial  completion  which occurred in the first week of October 2008.
The PFD has exercised  its right under the lease to purchase the  facility.  The
PFD intends to issue bonds to finance its purchase of the facility;  however, as
of the date of this filing the bonds have not yet been  issued.  Credit  markets
are  currently  unfavorable.   The  success  of  the  bond  issuance  cannot  be
guaranteed.  The PFD may lease the  facility  from us on a  short-term  basis or
obtain other financing.  The lease in place with the PFD bears interest at prime
plus 4.0% or the federal funds rate plus 7.0%, whichever is lower.

We, the PFD and Marshall are  currently  discussing  alternatives  to facilitate
completion  of the  sale of the  center  to the PFD  and  our  repayment  of the
construction loan. We are unable to obtain a waiver regarding noncompliance with
the  financial  covenants  of the  Marshall  note  pending  resolution  of these
matters.  While  we are  working  toward a  timely  resolution  with the PFD and
Marshall,  we cannot guarantee that we will be able to do so on terms acceptable
to us, if at all.

When the sale of the events  center to the PFD is  completed we will be required
to pay the  construction  loan in full. As of August 31, 2008, the $39.5 million
outstanding  balance on the construction  loan is classified as short-term notes
payable in the condensed  consolidated  balance sheet.  Interest on the Marshall
note  accumulates  monthly and  increases  both note payable and  investment  in
Wenatchee project in the condensed consolidated balance sheet.

We have a $1.75 million line of credit, with a bank, that matures on November 1,
2008,  and bears  interest at a rate of prime plus 2% (7.0% at August 31, 2008).
As of August 31, 2008, and through the date of this filing,  we have received no
cash advances on this credit  facility.  Effective June 2008, we are required to
deposit cash in the amount of any requested cash  advances.  At August 31, 2008,
we had a maximum  borrowing  capacity  of $0.5  million,  as a result of a $1.25
million letter of credit in favor of Marshall,  which reduced our available line
of credit.  We deposited  $1.25 million of the proceeds from the  disposition of
Cragar with the bank in August 2008,  as  additional  security for the letter of
credit.  These funds are restricted,  and unavailable to us, while the letter of
credit is outstanding.  The letter of credit  currently  expires in August 2009,
however we expect the letter of credit to be  surrendered  by  Marshall  when we
repay our construction  loan with proceeds from the sale of the events center in
Wenatchee, Washington.

The credit  facility has been secured by  substantially  all of our tangible and
intangible assets. In order to borrow, we must meet certain financial covenants,
including  maintaining  a minimum  current  ratio  (current  assets  compared to
current  liabilities)  of 1.05 as of the end of each fiscal  quarter,  a minimum
consolidated  tangible net worth of $5 million as of the date of the  amendment,
August  21,  2006,  and an  increase  in  tangible  net worth of at least 75% of
consolidated  net income plus 100% of all  increases  of equity  (including  the
amount of any stock  offering or  issuance) on each  anniversary  date of May 31
thereafter until maturity.  We must maintain a zero balance for a consecutive 30
day period during the term of the  facility.  As of August 31, 2008, we were not
in compliance with these covenants, but the bank has waived these violations.

                                       11
<PAGE>
--------------------------------------------------------------------------------
                          COMMITMENTS AND CONTINGENCIES
--------------------------------------------------------------------------------

PURCHASE COMMITMENTS

We have purchase  commitments for construction,  furniture and fixtures totaling
approximately  $5  million  at  August  31,  2008,   primarily  related  to  our
construction project in Wenatchee, Washington.

LITIGATION

As with all  entertainment  facilities  there  exists a degree  of risk that the
general public may be accidentally  injured.  As of August 31, 2008,  there were
various claims  outstanding in this regard that management does not believe will
have a material effect on our financial  condition or results of operations.  To
mitigate this risk, we maintain insurance coverage, which we believe effectively
covers any reasonably  foreseeable  potential  liability.  There is no assurance
that our insurance  coverage will  adequately  cover all liabilities to which we
may be exposed.

We  are  a  plaintiff  and  a  counter-defendant  in  a  lawsuit  involving  our
franchisee,  Blue Line Hockey,  LLC (Blue Line),  which  operates the Youngstown
Steelhounds. Our claim is for approximately $0.1 million in unpaid franchise and
assessment  fees  owed by Blue  Line,  plus our  attorneys'  fees.  Blue  Line's
counterclaim alleges that the WPHL fraudulently induced Blue Line's principal to
enter the  license  agreement  by failing to comply  with  franchise  disclosure
requirements,  and that the WPHL made fraudulent  representations to induce Blue
Line into signing the  franchise  agreement.  Blue Line seeks  rescission of the
license  agreement,  reimbursement  of its franchise  fee, $0.5 million of lease
payments,  and  reimbursement  of  travel  expenses  for the  2005-2006  season.
Although  the outcome of this matter  cannot be  predicted  with  certainty,  we
believe that we have both valid claims and valid defenses to the  counterclaims.
Thus, we intend to vigorously prosecute our claims and defend the counterclaims.
No liability has been established at August 31, 2008, related to this matter.

CONTINGENCIES

We enter  into  indemnification  provisions  under  our  agreements  with  other
companies in our ordinary course of business,  typically with business  partners
and customers.  Under these provisions we generally  indemnify and hold harmless
the indemnified  party for losses suffered or incurred by the indemnified  party
as a result of our activities.  The maximum  potential amount of future payments
we  could  be  required  to  make  under  these  indemnification  provisions  is
unlimited.  We have not  incurred  material  costs to defend  lawsuits or settle
claims related to these indemnification  agreements. As a result, we believe the
estimated  fair value of these  agreements is minimal.  Accordingly,  we have no
liabilities recorded for these agreements as of August 31, 2008.

As of August 31, 2008, we have entered into various  employment  contracts  with
key employees. Under certain circumstances we may be liable to pay amounts based
on the related contract terms.

GUARANTEES

We have entered into a contract with the  entertainment  facility in Rio Rancho,
New Mexico which guarantees certain economic performance standards.  The term of
this  contract is for a period of 10 years and expires in December  2014. In the
event these economic performance  standards are not reached, we are obligated to
subsidize  the  difference  between the actual  performance  and the  guaranteed
performance.  There are no recourse provisions under this agreement. The maximum
amount of future  payments we could be  required  to make under the  performance
guarantee is theoretical due to various unknown  factors.  However,  the subsidy
would be limited to the  cumulative  operating  losses of the  facility for each
year of the guarantee. We have never made a material subsidy from this guarantee
and do not believe that any potential subsidy would be material.

In February 2008, we entered into a management agreement with the City of Allen,
Texas relative to a  multi-purpose  event center to be constructed in that city.
The initial term of this agreement is fifteen years,  with an option by the city
to renew for an additional five years under certain  conditions.  This agreement

                                       12
<PAGE>
includes a guarantee  that the event center will  operate at a break-even  point
and without cost to the city,  not including any capital  reserves and any other
off-sets  described in the agreement.  This guarantee  requires that all amounts
reasonably  required for the operation and  maintenance of the event center will
be generated  by the  operation of the event  center,  or otherwise  paid by us.
Should  we be  obligated  to fund  any  operational  shortfalls,  the  agreement
provides for reimbursement to us from future profits from the event center.  The
maximum  amount of future  payments  we could be  required  to make  under  this
operational  guarantee is theoretical due to various unknown  factors.  However,
the  guarantee  would be limited to the  operational  loss from the facility for
each year of the guarantee, less any reimbursements from the facility. We do not
believe that any potential  guarantee  payments  would be material  based on the
operating results of similar facilities. The facility is expected to open in the
fall of 2009.

In  May  2008,  we  entered  into  a  management  agreement  with  the  City  of
Independence,   Missouri  relative  to  a  multi-purpose   event  center  to  be
constructed  in that city. The initial term of this agreement ends fifteen years
from facility  opening.  The city may renew the agreement for an additional five
years under the same terms. The facility is expected to open in the fall of 2009
and has an operating  year ended June 30. Our  compensation  under the agreement
may only  come from the  facility  operating  account,  which is to be funded by
facility  operations,  as defined in the  agreement.  The  management  agreement
includes a guarantee  that we will  subsidize the  operations of the facility to
the  extent  that  funds  in the  facility  operating  account  and a  temporary
operating  account are not  adequate.  Under the terms of the agreement the city
shall advance $0.5 million to fund a temporary operating reserve account,  which
may be used to fund shortfalls in the facility operations account.  Excess funds
in the facility  operating  account each operating year,  after paying operating
expenses,  our  base  Encore  fee  and  GEMS  commission,  are to be used in the
following priority: 1) to reimburse us for any subsidy payments we have made, 2)
to replenish the temporary  operating  reserve  account,  3) to fund the capital
reserve account and 4) to pay on a co-equal basis our incentive fee and deposits
to three additional  reserve accounts.  The maximum amount of future payments we
could be  required to make under the  guarantee  is  theoretical  due to various
unknown  factors.  However,  once the  temporary  operating  reserve  account is
depleted,  the guarantee  subsidy  payments would be limited to the  operational
loss each operating year, plus the amount of our Encore and GEMS fees. We do not
expect to make guarantee  subsidy payments based on operating results of similar
facilities,  however,  no assurance can be made that a payment  pursuant to this
guarantee  would not be paid in the  future and that such  payment  would not be
material.

In  addition,  under  the  terms of the  management  agreement  with the City of
Independence,  an amount not to exceed  $0.50 per ticket,  and excess  operating
funds,  are to be used to fund a capital  reserve account up to $150 thousand in
each of the  first  five  operating  years and up to $250  thousand  thereafter.
Should the  capital  reserve  account  not be fully  funded for two  consecutive
years, the management agreement terminates,  unless the city elects to renew the
agreement.

As of August 31, 2008, we provide a secondary  guarantee on a standby  letter of
credit in favor of Ace American  Insurance Company for $1.5 million related to a
guarantee under a workers compensation  program.  This letter of credit is fully
collateralized  by a third party and our  secondary  guarantee of this letter of
credit  does not  affect our  borrowing  capacity  under our line of credit.  No
amounts  have been  drawn on this  letter of credit as of August  31,  2008.  We
believe the amount of payments under this guarantee is negligible,  and as such,
have assigned no value to this guarantee at August 31, 2008.

In addition to our commitments  and guarantees  described above we also have the
commitments and guarantees described in the PVEC, LLC Joint Venture Note.

--------------------------------------------------------------------------------
                             PVEC, LLC JOINT VENTURE
--------------------------------------------------------------------------------

During  the fiscal  year  2006,  we  entered  into a joint  venture  partnership
agreement with Prescott  Valley  Signature  Entertainment,  LLC to form Prescott
Valley Events Center,  LLC (PVEC,  LLC) to engage in the business of developing,
managing,  and leasing the Prescott  Valley  Events  Center in Prescott  Valley,
Arizona.  We are the managing member of PVEC,  LLC.  Construction of the center,
which opened in November  2006,  was funded by proceeds from the issuance of $35
million in Industrial  Development Authority of the County of Yavapai Convention
Center Facilities Excise Tax Revenue Bonds, Series 2005 (the Bonds).

                                       13
<PAGE>
We account for our investment in PVEC, LLC under the equity method. Our interest
in this  entity is not a  controlling  one,  as we do not own a majority  voting
interest and as our ability to affect the business  operations is  significantly
limited  by  the  partnership  operating  agreement.  The  PVEC,  LLC  operating
agreement also provides that a  majority-in-interest  of the members may replace
the   managing   member,   or  if  the   managing   member  is  in  default,   a
majority-in-interest  of the remaining  members may replace the managing member.
Each member must contribute $1 thousand for a 50% interest in the joint venture.
We will also contribute $250 thousand as preferred capital while Prescott Valley
Signature Entertainment,  LLC contributed land with an approximate value of $1.5
million as  preferred  capital.  Because we have  committed  to pay our  initial
capital  contributions,  these  amounts are recorded in accounts  payable in our
condensed consolidated balance sheets. Further,  because PVEC, LLC is sustaining
losses,  and profitable  future operation is not assured,  we recorded losses on
our investment, in the amount of $251 thousand, to bring our investment to zero.
Our investment remains zero at August 31, 2008.

Each member will receive a 5% return on preferred capital contributions and will
share equally in the gain or loss of PVEC,  LLC. If funds available to PVEC, LLC
are insufficient to fund operations, the members agree to contribute 100% of the
cash needed until each member's preferred capital account balances are equal and
50% of the cash needed if its preferred capital contribution balances are equal.

PVEC, LLC is obligated to make lease payments equal to debt service  payments on
the Bonds. In the event of any shortfalls in debt service payments, amounts will
first be paid by escrow accounts  funded by 2% of the transaction  privilege tax
(TPT)  collected from the  surrounding  project area and from a lockbox  account
containing  1) our  initial  contribution  to  PVEC of  $250  thousand,  2) $100
thousand per year  (increasing  annually by inflation) from the Town of Prescott
Valley and 3) earnings from the events center.

We have a limited  guarantee  of the cash flow of PVEC,  LLC as cash  flows from
operations of the center are used to pay first  operating  expenses,  second our
base management fee (4% of the center's operating  revenue),  third debt service
and then other items. The maximum losses under this guarantee are limited to our
management  fee. We do not believe any potential  payments  under this guarantee
would be material.

Our  consolidated   financial   statements  reflect  the  following  related  to
transactions between us and PVEC, LLC (in thousands).

<TABLE>
<CAPTION>
                                                             Three Months Ended August 31,
                                                             -----------------------------
                                                             2008                     2007
                                                             ----                     ----
<S>                                                          <C>                      <C>
Facility management fees, exclusive of payroll (Encore)     $  17                    $   1
Facility management fees, payroll related (Encore)            155                      254
Advertising sales commission (GEMS)                            67                       68
Ticket service fees (GetTix)                                   41                       47
Cost of revenues, facility payroll (Encore)                   155                      254

                                                           August 31,                May 31,
                                                             2008                     2008
                                                             ----                     ----
Accounts payable                                            $ 536                    $ 502
Accrued liabilities                                             5                       --
Accounts receivable                                            --                      101
</TABLE>

--------------------------------------------------------------------------------
                             DISCONTINUED OPERATIONS
--------------------------------------------------------------------------------

On August 1, 2008, we closed a transaction under which we sold substantially all
of the assets of Cragar Industries,  Inc. (Cragar),  a licensor of an automotive
aftermarket  wheel  trademark and brand name - CRAGAR(R).  The assets  consisted

                                       14
<PAGE>
primarily of intangibles,  including trademarks, service marks and domain names.
The net cash  purchase  price of $1.8  million was  allocated  primarily  to the
trademarks, with the remainder to tooling, inventory and other assets.

The assets and  liabilities  of Cragar,  included in our condensed  consolidated
balance sheets in assets to be disposed and liabilities  related to assets to be
disposed are as follows (in thousands):

                                                                         May 31,
                                                                          2008
                                                                        --------
Receivables                                                             $    116
Prepaid expenses and other assets                                            154
Deferred income tax asset                                                    134
Trademarks                                                                 1,763
                                                                        --------
Assets to be disposed                                                   $  2,167
                                                                        ========

Accounts payable                                                        $     37
Accrued liabilities                                                          120
Deferred income tax liabiliy                                                  22
Deferred revenues                                                             54
                                                                        --------
Liabilities related to assets to be disposed                            $    233
                                                                        ========

We expect other cash flows from Cragar in fiscal 2009,  to consist  primarily of
the  collection of  receivables  and payment of  liabilities  existing as of the
August 1, 2008, date of sale,  which were largely  unchanged from those existing
at May 31, 2008.

The following table presents selected operating data for Cragar (in thousands):

                                                 Three Months Ended August 31,
                                                 -----------------------------
                                                 2008                     2007
                                                 ----                     ----
Revenues                                        $  60                    $ 247
Loss on disposal                                  (51)                      --
Loss before income taxes                          (48)                     (68)
Loss from discontinued operations, net
 of income tax                                    (48)                     (68)

--------------------------------------------------------------------------------
                               SEGMENT INFORMATION
--------------------------------------------------------------------------------

Each of our  subsidiaries is a separate legal entity with a separate  management
structure.  Our  corporate  operations  exist  solely to support our  subsidiary
segments.  As such,  certain  corporate  overhead  costs  are  allocated  to the
operating  segments.  There are no differences in accounting  principles between
the operations.

At August 31, 2008 and May 31, 2008, goodwill relates to our ICC segment.

                                       15
<PAGE>
<TABLE>
<CAPTION>
                                                         Three Months Ended
                                                   -------------------------------
                                                                     Income (Loss)
                                                    Gross               Before         Identifiable
                                                   Revenues          Income Taxes         Assets
                                                   --------          ------------         ------
<S>                                                <C>                 <C>               <C>
August 31, 2008
Global Entertainment Corporate Operations          $   101             $  (445)          $49,945(a)
Central Hockey League/WPHL                             274                   3               491
Global Properties I                                    209                  27               408
International Coliseums                                463                 337               143
Encore Facility Management                             445                 (51)               91
Global Entertainment Marketing Systems                 245                 150               144
Global Entertainment Ticketing                         622                (133)              467
Discontinued Operations                                 --                 (48)               --
                                                   -------             -------           -------
Global Entertainment Coporation Consolidated       $ 2,359             $  (160)          $51,689
                                                   =======             =======           =======

August 31, 2007
Global Entertainment Corporate Operations          $   163             $(1,480)          $11,477(a)
Central Hockey League/WPHL                             756                 370               629
Global Properties I                                     31                (164)              267
International Coliseums                                275                  34               525
Encore Facility Management                             964(b)             (290)              317
Global Entertainment Marketing Systems                 255                  38               210
Global Entertainment Ticketing                         780                  42               526
Discontinued Operations                                 --                 (68)            3,144
                                                   -------             -------           -------
Global Entertainment Coporation Consolidated       $ 3,224             $(1,518)          $17,095
                                                   =======             =======           =======
</TABLE>

----------
(a)  Global Entertainment  Corporate Operations assets include the investment in
     Wenatchee  project of $47.2  million at August 31, 2008 and $7.7 million at
     August 31, 2007. Global  Entertainment  Corporate Operations assets include
     cash and cash  equivalents  of $0.6  million at August 31,  2008,  and $2.8
     million at August 31, 2007.
(b)  Encore  facility  management  fees for the quarter  ended  August 31, 2007,
     include  $0.3 million in revenues  from the  management  contract  with the
     Chevrolet Center in Youngstown, Ohio, cancelled in September 2007.

                                       16
<PAGE>
ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

FORWARD-LOOKING DISCLOSURE

This Quarterly Report on Form 10-Q contains  forward-looking  statements  within
the meaning of the Safe Harbor  provision of the Private  Securities  Litigation
Reform Act of 1995 regarding future events,  including statements concerning our
future  operating  results and financial  condition and our future capital needs
and sources.  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 report on Form 10-K for the fiscal year ended May 31,
2008,  under the section  entitled  "Risk  Factors."  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.

DESCRIPTION OF THE COMPANY

Global  Entertainment  Corporation  (referred  to in this  report as "we," "us,"
"Global,",  "Company" or "GEC") is an integrated event and entertainment company
that is engaged,  through its wholly owned  subsidiaries,  in sports management,
multipurpose  events  center and related real estate  development,  facility and
venue management and marketing, and venue ticketing. We are primarily focused on
projects located in mid-size communities in the United States.

Our current operating subsidiaries are Western Professional Hockey League, Inc.,
Global Properties I, International Coliseums Company, Inc., Global Entertainment
Marketing Systems,  Inc., Global  Entertainment  Ticketing,  and Encore Facility
Management.

We, through our wholly owned  subsidiary,  Western  Professional  Hockey League,
Inc., are the operator of the Western Professional Hockey League (WPHL), a minor
league   professional  hockey   organization,   and  are  the  licensor  of  the
independently  owned  hockey  teams which  participate  in the league.  WPHL has
entered into a joint  operating  agreement with the Central Hockey League,  Inc.
(CHL Inc.). The effect of the joint operating  agreement is that the two leagues
had their  respective  teams join together and operate under the Central  Hockey
League name (as the League).  The terms of the joint operating  agreement define
how the League will operate.

The League is a structured  licensed  sports league,  which  includes  competing
teams located in various states, including Texas, Colorado,  Kansas,  Louisiana,
Mississippi, New Mexico, South Dakota, Oklahoma, and Arizona. There are 17 teams
in the 2008-2009  season and there were 17 teams in the 2007-08 season.  In each
season 13 teams were  licensed by WPHL. In each season,  4 teams,  each of which
was an original CHL, Inc. team,  continue to operate under a sanction  agreement
that requires direct payments to the League pursuant to the terms and conditions
of the original CHL, Inc. agreements.

Global  Properties I (GPI) provides services in targeted  mid-sized  communities
across the United  States  related to the  development  of  multipurpose  events
centers and surrounding multi-use real estate development.

GPI,  along  with  International   Coliseums  Company,   Inc.  (ICC),   develops
multipurpose  events  centers in mid-market  communities.  ICC's  development of
multipurpose  events centers promotes the development of the League by assisting
potential   licensees  in  securing  quality  venues  in  which  to  play  minor

                                       17
<PAGE>
professional  hockey league games. The  inter-relationship  between GPI, ICC and
WPHL is a key factor in the  viability of a managed  multipurpose  entertainment
facility.

Global  Entertainment  Marketing Systems,  Inc. (GEMS),  promotes,  markets, and
sells  various  services  related  to  multipurpose   entertainment  facilities,
including  all  contractually  obligated  income (COI)  sources such as facility
naming  rights,  luxury  suite  sales,  club seat  license  sales,  and facility
sponsorship agreements.

Global  Entertainment  Ticketing  (GetTix) provides  ticketing  services for the
multipurpose  event centers developed by GPI and ICC, existing League licensees,
and various other  entertainment  venues,  theaters,  concert  halls,  and other
facilities and event coordinators.  GetTix provides a full ticketing solution by
way of box office,  phone,  internet and  print-at-home  service  that  utilizes
distribution outlets in each market.  GetTix uses third-party,  state-of-the-art
software to deliver ticketing  capabilities  that include database  flexibility,
easy season and group options, financial reporting and marketing resources.

Encore Facility  Management  (Encore) provides a full complement of multipurpose
events  center  operational  services.  These  services  provide  administrative
oversight  in the  areas of  facility/property  management  and  finance,  event
bookings,  and food and  beverage.  Encore is currently  involved  with facility
management of  multipurpose  events centers  developed by GPI and ICC.  Facility
management operations are conducted under separate limited liability companies.

On  August  1,  2008,  we  closed  a  transaction  pursuant  to  which  we  sold
substantially  all of the  assets  of our  subsidiary  Cragar  Industries,  Inc.
(Cragar),  a licensor of an automotive  aftermarket  wheel trademark and brand -
CRAGAR(R).  The assets  consisted  primarily of intangible  property,  including
trademarks, service marks and domain names. The purchase price was approximately
$1.9  million  in  cash.  Of the  cash  proceeds,  $0.1  million  was  used  for
transaction-related  costs and $1.25  million has been set aside in a restricted
account as security for a letter of credit.  The remainder of the funds was made
available for working capital and general corporate purposes.

CRITICAL ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS

Significant  accounting  policies  are  described  in the  audited  consolidated
financial  statements and notes thereto  included in our Report on Form 10-K for
the year ended May 31, 2008.  We believe our most critical  accounting  policies
and  estimates  relate  to  revenue  recognition,  the  allowance  for  doubtful
accounts,  arena guarantees,  the carrying value of goodwill, the realization of
deferred income tax assets, the fair value of liability related to the secondary
guarantee  related to a worker's  compensation  program,  and the  allocation of
expenses,  division of profit or loss relating to the joint operating agreement,
and  the  application  of  the  percentage-of-completion   method.  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.

OVERVIEW AND FORWARD LOOKING INFORMATION

During  fiscal  year  2008 we  decided  to divest of  Cragar.  As a result,  the
operations of Cragar have been classified as loss from  discontinued  operations
in  the  condensed  consolidated   statements  of  operations  for  all  periods
presented. Revenues and operating costs in the condensed consolidated statements
of operations now exclude all accounts of Cragar.

                                       18
<PAGE>
THREE MONTHS  ENDED  AUGUST 31, 2008,  COMPARED TO THREE MONTHS ENDED AUGUST 31,
2007

REVENUES (in thousands):

<TABLE>
<CAPTION>
                                                   Three Months Ended
                                  ---------------------------------------------
                                  August 31,      % of     August 31,     % of
                                    2008        Revenue      2007       Revenue     Change      % Change
                                    ----        -------      ----       -------     ------      --------
<S>                                <C>            <C>       <C>            <C>      <C>           <C>
Project management fees            $  465         19.7      $  125         3.9      $  340        272.0
Facility management fees              445         18.9         964        29.9        (519)       (53.8)
License fees                          375         15.9         917        28.4        (542)       (59.1)
Ticket service fees                   620         26.3         779        24.2        (159)       (20.4)
Project development fees              209          8.9         181         5.6          28         15.5
Advertising sales commissions         245         10.4         255         7.9         (10)        (3.9)
Other revenue                          --         --             3         0.1          (3)      (100.0)
                                   ------      -------      ------     -------      ------      -------
Gross Revenues                     $2,359        100.0      $3,224       100.0      $ (865)       (26.8)
                                   ======      =======      ======     =======      ======      =======
</TABLE>

Total revenues  decreased $0.9 million,  or 26.8%, to $2.4 million for the three
months  ended  August 31,  2008,  from $3.2  million for the three  months ended
August 31, 2007. The ICC project  management  revenues  increase of $0.3 million
was offset by the  decrease in  facility  management  revenues of $0.5  million,
decrease in license fees of $0.5 million and the decrease in ticket service fees
of $0.2 million.

ICC project  management  revenues increased $0.3 million to $0.5 million for the
quarter  ended  August 31, 2008,  from $0.1  million in the prior year  quarter.
Project  management  fees for the quarter  ended August 31, 2008,  includes $0.3
million of fees on the project in Independence,  Missouri  beginning in February
2008 and the project in Allen,  Texas  beginning  in June 2008.  Each project is
anticipated  to have a  twenty-month  duration.  In addition to the  projects in
Independence,  Missouri and Allen,  Texas, ICC is also managing the construction
project in Wenatchee, Washington.

Facility  management fees decreased $0.5 million,  or 53.8%, to $0.4 million for
the three  months  ended  August 31,  2008,  from $1.0 million in the prior year
quarter.  The cancellation of the management  contract with the Chevrolet Center
in Youngstown,  Ohio,  effective  September 2007 contributed $0.3 million of the
decrease.  The  remainder  of the  decrease  is  the  result  of  year-over-year
decreases  in fees from  centers  under  management  in both  quarters  with the
decline in the number of events held and decline in  attendance at facilities in
Rio Rancho, New Mexico and Prescott Valley,  Arizona.  Encore's current facility
management  contracts  include  the  facilities  in Rio  Rancho,  New Mexico and
Prescott Valley, Arizona, and preopening service fees for Wenatchee, Washington.
Encore  principally  manages  employees  under  each  of  its  current  facility
management  contracts  and,  therefore,  payroll  costs from such  employees are
recognized by Encore as facility management fee revenue and are also included in
cost of revenues.

License fees decreased $0.5 million,  or 59.1%,  to $0.4 million for the quarter
ended August 31, 2008,  from $0.9 million for the quarter ended August 31, 2007.
The prior year quarter  included $0.4 million of license  transfer  fees.  Since
license transfer fees are not regularly  recurring and are difficult to predict,
there is no assurance  that we will be able to increase or sustain our operating
capital through this source.

Ticket service fees decreased  $0.2 million,  or 20.4%,  to $0.6 million for the
three  months  ended  August  31,  2008,  from $0.8  million  for the prior year
quarter.  This  decrease in ticket  service  fees  reflects 1) the $0.1  million
reduction in fees due to the  discontinuance  of services to Chevrolet Center in
Youngstown,  Ohio, in the spring of 2008 and 2) decreased sales with the decline
in the number of events held and attendance at events.

                                       19
<PAGE>
OPERATING COSTS (in thousands):

<TABLE>
<CAPTION>
                                                   Three Months Ended
                                  ---------------------------------------------
                                  August 31,      % of     August 31,     % of
                                    2008        Revenue      2007       Revenue     Change      % Change
                                    ----        -------      ----       -------     ------      --------
<S>                                <C>            <C>       <C>            <C>      <C>           <C>
Cost of revenues                   $   979       41.5      $ 1,700        52.7     $  (721)      (42.4)
General and administrative costs     1,496       63.4        3,013        93.5      (1,517)      (50.3)
                                   -------      -----      -------       -----     -------        ----
Total Operating Costs              $ 2,475      104.9      $ 4,713       146.2     $(2,238)      (47.5)
                                   =======      =====      =======       =====     =======        ====
</TABLE>

Total operating  costs decreased by $2.2 million,  or 47.5%, to $2.5 million for
the quarter ended August 31, 2008, from $4.7 million in the prior year quarter.

Cost of revenues  decreased by $0.7 million,  or 42.4%,  to $1.0 million for the
quarter  ended  August 31, 2008,  from $1.7 million for the prior year  quarter.
This decrease  resulted  primarily  from 1) a $0.3 million  decrease in facility
management  payroll associated with the decline in the number of events held and
attendance in facilities in Rio Rancho, New Mexico and Prescott Valley,  Arizona
and 2) a $0.3 million decrease in facility  management  payroll  associated with
the  facility  in  Youngstown,  Ohio,  due to  cancellation  of  the  management
agreement.

General and administrative  expenses  decreased $1.5 million,  or 50.3%, to $1.5
million for the quarter  ended August 31,  2008,  from $3.0 million in the prior
year quarter.  The decrease in general and administrative  expenses is comprised
of 1) a $1.2 million  decrease in legal and settlement  costs due to a reduction
in legal defense costs with the  settlement of several  matters since August 31,
2007, and 2) a $0.2 million reduction in severance expenses.

LOSS FROM CONTINUING OPERATIONS (in thousands):

<TABLE>
<CAPTION>
                                                   Three Months Ended
                                  ---------------------------------------------
                                  August 31,      % of     August 31,     % of
                                    2008        Revenue      2007       Revenue     Change      % Change
                                    ----        -------      ----       -------     ------      --------
<S>                                <C>            <C>       <C>            <C>      <C>           <C>
Loss from Continuing Operations    $ (112)       (4.8)     $(1,450)      (45.0)     $1,338        (92.3)
                                   ======        ====      =======       =====      ======        =====
</TABLE>

Loss from  continuing  operations  was $0.1  million for the three  months ended
August 31,  2008,  compared to a net loss of $1.5  million for the three  months
ended August 31, 2007. The improvement of $1.3 million is primarily attributable
to the $1.2 million decrease in legal and settlement costs.

LIQUIDITY AND CAPITAL RESOURCES

As of August  31,  2008,  we have  $0.6  million  in cash and cash  equivalents,
including cash collected for GetTix  tickets of  approximately  $0.6 million for
events scheduled to occur in the future, and $1.25 million in restricted cash,

On August 1, 2008, we closed a transaction under which we sold substantially all
of the assets of Cragar. The assets consisted primarily of intangible  property,
including  trademarks,  service marks and domain names.  The purchase  price was
approximately $1.8 million net of transaction-related costs and, as discussed in
greater detail below, $1.25 million of the cash received has been set aside in a
restricted  account as security  for a letter of credit.  The  remainder  of the
funds was available for working capital and general corporate purposes.

Cash used by operating activities in the quarter ended August 31, 2008, was $0.3
million  compared to cash used by  operating  activities  of $0.5 million in the
prior year first quarter.

Cash used in investing  activities  increased  $3.2 million to $10.8 million for
the quarter ended August 31, 2008, compared to cash used in investing activities
of $7.6  million  in the prior year first  quarter.  Construction  costs for the
events center in Wenatchee,  Washington increased $5.0 million. The construction

                                       20
<PAGE>
costs  are  being  funded  primarily  with a  construction  loan  with  Marshall
Financial  Group,  LLC,  as  reflected  as a source  of  funds in the  financing
section.  Offsetting  the  increased  construction  costs were the $1.8  million
proceeds from the disposition of Cragar, net of transaction-related costs.

Cash  provided by financing  activities  totaled  $11.2  million for the quarter
ended August 31, 2008, compared to cash provided by financing activities of $6.5
million in the prior year first  quarter.  During the 2008  quarter we  received
$12.7 million in proceeds  from the  construction  loan with Marshall  Financial
Group,  LLC. We were also  required to set aside $1.25  million in a  restricted
account as security for a letter of credit.

In August 2007, we entered into the agreement with Marshall Financial Group, LLC
(Marshall) to borrow up to $52.0 million for the construction of a multi-purpose
events center in Wenatchee, Washington. The outstanding principal balance of the
note bears  interest at a rate of prime plus 0.25%  (5.25% at August 31,  2008).
The note is payable in its entirety in August 2009.  Financial  covenants of the
Marshall  note require that we maintain a level of  stockholders'  equity of not
less than $9.0 million and unrestricted  cash, cash  equivalents,  time deposits
and marketable  securities of not less than $3.5 million. As of August 31, 2008,
we were not in compliance with these financial covenants.

The Greater Wenatchee  Regional Events Center Public  Facilities  District (PFD)
entered  into an agreement  with us in May 2007 to lease the events  center upon
substantial  completion,  which  occurred in the first week of October 2008. The
PFD has exercised  its right under the lease to purchase the  facility.  The PFD
intends to issue bonds to finance its purchase of the facility;  however,  as of
the date of this filing the bonds have not yet been issued.  Credit  markets are
currently  unfavorable.  The success of the bond issuance  cannot be guaranteed.
The PFD may lease the  facility  from us on a  short-term  basis or obtain other
financing.  The lease in place with the PFD bears interest at prime plus 4.0% or
the federal funds rate plus 7.0%, whichever is lower.

We, the PFD and Marshall are  currently  discussing  alternatives  to facilitate
completion  of the  sale of the  center  to the PFD  and  our  repayment  of the
construction loan. We are unable to obtain a waiver regarding noncompliance with
the  financial  covenants  of the  Marshall  note  pending  resolution  of these
matters.  While  we are  working  toward a  timely  resolution  with the PFD and
Marshall,  we cannot guarantee that we will be able to do so on terms acceptable
to us, if at all.

When the sale of the events  center to the PFD is  completed we will be required
to pay the  construction  loan in full. As of August 31, 2008, the $39.5 million
outstanding  balance on the construction  loan is classified as short-term notes
payable in the condensed  consolidated  balance sheet.  Interest on the Marshall
note  accumulates  monthly and increases  both notes  payable and  investment in
Wenatchee project in the condensed consolidated balance sheet.

We have a $1.75  million  line of credit that  matures on November 1, 2008,  and
bears  interest  at a rate of prime  plus 2% (7.0% at August  31,  2008).  As of
August 31, 2008,  and through the date of this filing,  we have received no cash
advances  on this  credit  facility.  Effective  June 2008,  we are  required to
deposit cash in the amount of any requested cash  advances.  At August 31, 2008,
and as of the date of this filing, we had a maximum  borrowing  capacity of $0.5
million,  as a result of a $1.25 million  letter of credit in favor of Marshall,
which reduced our available  line of credit.  We deposited  $1.25 million of the
proceeds  from the  disposition  of  Cragar  with the bank in  August  2008,  as
additional  security for the letter of credit.  These funds are restricted,  and
unavailable to us, as long as the letter of credit is outstanding. The letter of
credit currently expires in August 2009;  however we expect the letter of credit
to be surrendered by Marshall when we repay our construction  loan with proceeds
from the sale of the events center in Wenatchee, Washington.

The credit  facility has been secured by  substantially  all of our tangible and
intangible assets. In order to borrow, we must meet certain financial covenants,
including  maintaining  a minimum  current  ratio  (current  assets  compared to
current  liabilities)  of 1.05 as of the end of each fiscal  quarter,  a minimum
consolidated  tangible net worth of $5 million as of the date of the  amendment,
August  21,  2006,  and an  increase  in  tangible  net worth of at least 75% of
consolidated  net income plus 100% of all  increases  of equity  (including  the
amount of any stock  offering or  issuance) on each  anniversary  date of May 31
thereafter until maturity.  We must maintain a zero balance for a consecutive 30
day period during the term of the  facility.  As of August 31, 2008, we were not
in compliance with these covenants, but the bank has waived these violations.

                                       21
<PAGE>
We continue to evaluate the  profitability  of, and synergies among, our various
subsidiaries  and may  determine  to dispose of one or more of them,  as we move
forward with our business  plan.  Based on our current  forecast and  historical
results, we expect to have adequate cash flow from available sources to fund our
operating  needs  through  August 31, 2009. We expect cash and cash flow will be
low in the second quarter of fiscal 2009 until the sale of the Wenatchee  events
center. We do not expect to borrow under the line of credit,  since any advances
will require us to deposit cash in the amount of the  requested  advance.  If we
continue to not comply with contractually  obligated  financial  covenants,  our
business or profitability  deteriorates or we incur unexpected expenses or asset
impairments,  it could  have a  material  adverse  effect on our  liquidity  and
financial resources. We may be required to refinance all or part of our existing
debt. We cannot  guarantee that we would be able to do so on terms acceptable to
us, if at all.

NEW ACCOUNTING PRONOUNCEMENTS

In June 2006, the FASB issued FASB  Interpretation No. 48, "An Interpretation of
FASB  Statement No. 109," which  clarifies the  accounting  for  uncertainty  in
income  taxes.  This  interpretation  prescribes  a  recognition  threshold  and
measurement attribute for the financial statement recognition and measurement of
a tax position taken or expected to be taken in a tax return. The interpretation
reflects the benefit  recognition  approach,  where a tax benefit is  recognized
when it is more likely than not to be sustained based on the technical merits of
the position.  We adopted this interpretation  effective June 1, 2007, and there
was no impact on our financial position or results of operations.

In September 2006, the FASB issued SFAS No. 157 "Fair Value  Measurements".  The
statement  defines fair value,  establishes a framework for measuring fair value
in generally accepted  accounting  principles  (GAAP),  and expands  disclosures
about fair value measurements. We adopted this statement prospectively effective
June 1, 2008,  and there was no impact on our  financial  position or results of
operations.

In February  2007,  the FASB issued  SFAS No.  159,  "The Fair Value  Option for
Financial Assets and Financial Liabilities".  This statement permits entities to
choose to measure many  financial  instruments  and certain  other items at fair
value. An entity shall report unrealized gains and losses on items for which the
fair value  option has been  elected in  earnings at each  subsequent  reporting
date. We adopted this statement  prospectively effective June 1, 2008, and there
was no impact on our financial  position or results of  operations.  We have not
elected the fair value option for any eligible items.

In December  2007,  the FASB issued SFAS No. 160,  "Noncontrolling  Interests in
Consolidated  Financial Statements,  an amendment of ARB No. 51". This statement
establishes accounting and reporting standards for noncontrolling interests in a
subsidiary  and for the  deconsolidation  of a subsidiary.  The  statement  also
provides  consolidated  income  statement  presentation  guidance  and  requires
expanded disclosures.  This statement is effective for our fiscal year beginning
June 1, 2009,  and interim  periods  within  that year.  The  statement  will be
applied prospectively,  except for the presentation and disclosure requirements,
which will be applied retrospectively for all periods presented. We have not yet
evaluated  the effect  the  statement  will have on our  financial  position  or
results of operations.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable.

ITEM 4T.  CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES.

Under the supervision and with the  participation  of our management,  including
the Chief Executive Officer and Chief Financial  Officer,  we have evaluated the
effectiveness  of the  design  and  operation  of our  disclosure  controls  and
procedures  pursuant to Exchange Act Rule 13a-15 as of August 31, 2008. Based on
that evaluation,  the Chief Executive  Officer and Chief Financial  Officer have
concluded that these  disclosure  controls and  procedures are effective.  There
were no changes in our internal  control  over  financial  reporting  during the
period covered by this report that have materially  affected,  or are reasonably
likely to materially affect, our internal controls over financial reporting.

                                       22
<PAGE>
Our  management,  including  its principal  executive  officer and the principal
financial  officer,  do not expect that our  disclosure  controls and procedures
will  prevent  all error and all  fraud.  A control  system,  no matter how well
conceived and operated,  can provide only  reasonable,  not absolute,  assurance
that the  objectives  of the control  system are met.  Further,  the design of a
control  system must reflect the fact that there are resource  constraints,  and
the benefits of controls must be considered relative to their costs.  Because of
the inherent  limitations in all control systems,  no evaluation of controls can
provide  absolute  assurance that all control issues and instances of fraud,  if
any, within the Company have been detected.  These inherent  limitations include
the  realities  that  judgments  in  decision-making  can be  faulty,  and  that
breakdowns can occur because of simple error or mistake. Additionally,  controls
can be circumvented by the individual acts of some persons,  by collusion of two
or more people,  or by  management  override of the  control.  The design of any
system of  controls  also is based in part upon  certain  assumptions  about the
likelihood of future events,  and there can be no assurance that any design will
succeed in achieving  its stated goals under all  potential  future  conditions.
Over time,  controls may become inadequate because of changes in conditions,  or
the degree of  compliance  with the  policies  or  procedures  may  deteriorate.
Because  of  the  inherent  limitations  in  a  cost-effective  control  system,
misstatements  due to error or  fraud  may  occur  and may not be  detected.  We
monitor our disclosure  controls and procedures and internal  controls and makes
modifications  as  necessary;  our intent in this regard is that the  disclosure
controls  and  procedures  will be  maintained  as dynamic  systems  that change
(including with improvements and corrections) as conditions warrant.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING.

There have not been changes in our internal control over financial reporting (as
such term is defined in Rules  13a-15(f) and  15d-15(f)  under the Exchange Act)
during the first quarter of fiscal 2009 that have  materially  affected,  or are
reasonably  likely to materially  affect,  our internal  control over  financial
reporting.

                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

As with all  entertainment  facilities  there  exists a degree  of risk that the
general public may be accidentally  injured at one of the facilities we develop,
design or manage.  As of August 31, 2008, there were various claims  outstanding
in this regard that  management  does not believe will have a material effect on
our  financial  condition or results of  operations.  To mitigate  this risk, we
maintain insurance coverage,  which we believe effectively covers any reasonably
foreseeable  potential  liability.  There  is no  assurance,  however,  that our
insurance  coverage will  adequately  cover all  liabilities  to which we may be
exposed.

We are a  plaintiff  and a  counter-defendant  in a lawsuit  involving  a former
licensee,  Blue Line Hockey,  LLC (Blue  Line),  which  operates the  Youngstown
Steelhounds. This suit was filed in Maricopa County Superior Court of Arizona on
November 7, 2006. Our claim is for approximately  $0.1 million in unpaid license
and assessment  fees owed by Blue Line,  plus our attorneys'  fees.  Blue Line's
counterclaim  alleges that WPHL  fraudulently  induced Blue Line's  principal to
enter the  license  agreement  by failing to comply  with  franchise  disclosure
requirements,  and that WPHL made fraudulent representations to induce Blue Line
into signing the license  agreement.  Blue Line seeks  rescission of the license
agreement,  $0.5 million of lease payments,  reimbursement of its franchise fee,
and  reimbursement  of travel  expenses for the 2005-2006  season.  Although the
outcome of this matter cannot be predicted  with  certainty,  we believe that we
have both valid claims and valid defenses to the counterclaims.  Thus, we intend
to vigorously  prosecute our claims and defend the  counterclaims.  No liability
has been established at August 31, 2008, related to this matter.

We were a defendant  in a lawsuit  filed by Nustadia  Developments  Inc. and PBK
Architects.  The  suit  arose  out of  certain  contracts  between  us  and  the
plaintiffs,  pursuant  to  which  we  agreed  to use  architectural  design  and
development  management services of the plaintiffs with respect to certain arena
development  projects.  The suit sought direct damages of $4.5 million and other
unspecified damages for alleged breach of contract,  tortious  interference with
business  expectancy,  and  breach of  implied  covenant  of good faith and fair
dealing.  This suit was filed in December 2005, in the Maricopa  County Superior
Court of Arizona. We settled the matter in the third quarter of fiscal year 2008
and are currently waiting for dismissal.

                                       23
<PAGE>
ITEM 1A. RISK FACTORS

Refer to our report on Form 10-K for the fiscal year ended May 31,  2008,  under
Item 1A. "Risk Factors."

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

See Exhibit Index attached.

                                       24
<PAGE>
                                   SIGNATURES

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)


October 15, 2008             By /s/ Richard Kozuback
                                 -----------------------------------------------
                                 Richard Kozuback
                                 President & Chief Executive Officer


October 15, 2008             By  /s/ James Yeager
                                 -----------------------------------------------
                                 James Yeager
                                 Senior Vice President & Chief Financial Officer

                                       25
<PAGE>
                                  EXHIBIT INDEX

The following  exhibits are filed herewith or  incorporated  herein  pursuant to
Regulation S-K, Item 601:

     Exhibit
     -------

      10.1      Asset  Purchase  Agreement  between Danbom  Temporary,  Inc. and
                Cragar Industries, Inc., dated July 31, 2008 (1)

      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 James Yeager, Chief Financial Officer.*

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

----------
*   Filed herewith.

(1) Incorporated  herein by reference  to Exhibit 3.1 of our current  report on
    Form 8-K, as filed with the Commission on August 8, 2008.