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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. __________)*
WHEELS SPORTS GROUP, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
963278 10 6
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(CUSIP Number)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 5 pages
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CUSIP NO. 963278 10 6 13G PAGE 2 OF 5 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
TERRY J. POWELL
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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5 SOLE VOTING POWER
517,303
NUMBER -------------------------------------------------------------
OF SHARES 6 SHARED VOTING POWER
BENEFICIALLY 517,303
OWNED BY -------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 517,303
PERSON WITH -------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
517,303
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
517,303
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.8%
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12 TYPE OF REPORTING PERSON*
IN
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Page 2 of 5 pages
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SCHEDULE 13G
ITEM 1.
(a) Name of Issuer:
WHEELS SPORTS GROUP, INC.
(b) Address of Issuer's Principal Executive Offices:
149 GASOLINE ALLEY DRIVE, MOORESVILLE, NORTH CAROLINA 28115
ITEM 2.
(a) Name of Person Filing:
TERRY J. POWELL
(b) Address of Principal Business Office or, if none, Residence:
149 GASOLINE ALLEY DRIVE, MOORESVILLE, NORTH CAROLINA 28115
(c) Citizenship:
UNITED STATES
(d) Title of Class of Securities:
COMMON STOCK
(e) CUSIP Number:
963278 10 6
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B),
CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or Dealer registered under section 15 of the Act
(b) [ ] Bank as defined in section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in section 3(a)(19) of the Act
(d) [ ] Investment Company registered under section 8 of the Investment
Company Act
(e) [ ] Investment Adviser registered under section 203 of the
Investment Advisers Act of 1940
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of
1974 or Endowment Fund
(g) [ ] Parent Holding Company, in accordance with Section 240.13d-1(b)
(ii)(G)
(h) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(H)
Page 3 of 5 Pages
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ITEM 4. OWNERSHIP
(a) Amount Beneficially Owned:
517,303
(b) Percent of Class:
9.8%
(c) Number of shares as to which such persons (See Item 6 below) have:
(i) sole power to vote or to direct the vote: 517,303 SHARES
(ii) shared power to vote or to direct the vote: 517,303 SHARES
(iii) sole power to dispose or to direct the disposition of:
517,303 SHARES
(iv) shared power to dispose or to direct the disposition of:
517,303 SHARES
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [ ].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
NOT APPLICABLE.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
NOT APPLICABLE.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBER OF THE GROUP
NOT APPLICABLE.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
NOT APPLICABLE.
ITEM 10. CERTIFICATION
NOT APPLICABLE.
Page 4 of 5 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
February 17, 1998
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Date
/s/ TERRY J. POWELL
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TERRY J. POWELL
Page 5 of 5 Pages
