By PETER MALLETT
From Wednesday's Globe and Mail

Toronto — After only two summer's of operation soccer's ChampionsWorld Tour which brought several of Europe's most famous teams to North America announced Tuesday it has applied for bankruptcy protection.

ChampionsWorld LCC executive president Charlie Stillitano told the Globe and Mail the New Jersey based company plans to return to Toronto next summer after setting an attendance record at SkyDome; But its first order of business is to cover debts incurred last season and then try to attract new investors.

"The only thing I can say right now is that we are going to stay in business for the soccer fans," Stillitano said. "Today's announcement is disappointing but I feel there is light at the end of the tunnel."

Stillitano cited the huge costs associated with running the tour as part of the company's financial problems. He said it cost over $30-million (U.S.) to stage last year's nine team, 11-game North American tour.

Some of the enormous expenses incurred happened when ChampionsWorld announced it was converting SkyDome's artificial playing surface to natural grass for two games last July. The move caught the attention of Toronto's usually aloof soccer fans and also helped set an attendance record for a single game in Toronto.

A Friday night contest between Portuguese side FC Porto and Liverpool attracted 40,078 fans and a record-setting crowd of 50,435 attended a match the following night between Scotland's Glasgow Celtic and Italy's AS Roma.

Stillitano acknowledged that a sizable portion of an 8 per cent gate levy from the games is still owed to the Canadian Soccer Association and CSA chief operating officer Kevin Pipe said that he has confidence that ChampionsWorld will honour their debt. A high ranking CSA official, who chose to remain anonymous, told the Globe and Mail that $250,000 is owed to soccer's governing body. Pipe refused to acknowledge any exact figures.

"We are working towards fulfilling their account with us and there is a desire by them to pay the remaining amount," said Pipe.

There was reason for optimism about the ChampionsWorld's returning in 2005 until Tuesday's bankruptcy protection announcement. The entertainment and sports promotion company which got its start at Giants Stadium in East Rutherford, N.J. by promoting an Italian Super Cup game in 1993, recently obtained the North American licensing rights for the highly successful Manchester United supporters club which also led to speculation that its finances could only improve.