Dethroning The Champ: ChampionsWorld Files For Chapter 11

U.S. Soccer Promoter Files For Bankruptcy Protection

New Jersey-based soccer promoter ChampionsWorld has filed for Chapter 11 bankruptcy protection from creditors, but “still plans to promote games this summer in the” U.S. and Canada, according to Jack Bell of the N.Y. TIMES. ChampionsWorld CEO Charlie Stillitano: “We expanded too quickly, and promoting a top-quality event was very costly, with expenses unique to the soccer world. We had strong revenues of $25[M] last year, but it’s safe to say we lost a lot because we had too many teams in some markets that were not successful. This will allow us to restructure.” Bell writes the first ChampionsWorld Series in ’02 “was a huge success, playing to several sold-out crowds,” but the company last summer “lost more than $2[M] as it brought over nine teams and played games in seven cities” (N.Y. TIMES, 1/19).