SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                          ____________________________

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934

                       Date of Report: January 15, 1997

                     WORLDWIDE ENTERTAINMENT & SPORTS CORP.

              ____________________________________________________

             (Exact name of Registrant as specified in its charter)

           Delaware              000-21585                 22-3393152
       ________________    ____________________      ____________________
       (State or other     (Commission File No.)     (IRS Employer ID No.)
       jurisdiction of
       incorporation)

               29 Northfield Avenue, West Orange, New Jersey 07207
                 _____________________________________________
                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (973) 325-3244
                    ________________________________________



Item 5. Other Events

     Worldwide  Entertainment  and Sports Corp.  (the "Company") has completed a
private  offering  commenced  on October 7, 1997 (the  "Offering").  Through the
Offering,  the Company sold an aggregate of 1,108,886 shares of its common stock
(the "Shares") for a purchase  price of $2.25 per Share.  The sale of the Shares
resulted in aggregate  proceeds of $2,495,000  (the  "Proceeds") to the Company.
The Company intends to use the Proceeds primarily for working capital, repayment
of indebtedness and general corporate  purposes,  which may include financing in
whole or in part acquisitions of complementary  businesses or products.  Annexed
as an  exhibit  to this  Current  Report is an  unaudited  balance  sheet of the
Company as of December  31, 1997 which  reflects the $1,495,000  proceeds of the
private offering received as of such date.

Item 7.  Financial Statements and Exhibits

     a. Exhibit (a) - Unaudited  balance sheet of the Company as of December 31,
1997.

                                   Signature

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

Dated:    January 15, 1998              Worldwide Entertainment & Sports Corp.
                                        (Registrant)

                                        By:/s/Marc Roberts 
                                           ___________________
                                           Marc Roberts
                                           President and Chief Executive Officer