Is anyone working on a Champions online private server

I don't think so, Just keep looking around for couple of months, and soon enough You will find one

To Tell you the truth very few private servers get to work with retail server software off the bat. It is usually reversed engineered off packet sniffing and a baseline software server like SQL. A few exceptions would be the Star Wars Galaxies, Aion and certain patches to Ragnarok (both very good MMO's) Anyways point being as long as the server can be emulated you will see a private server pop up soon. But it could take months or a couple of years, you need a starting community and some strong volunteer support to get things rolling. You should google along the lines of development teams and champions online to see if anyone has started the process, and then just watch that website and you will get a handle on the time frame. Please be aware that some companies are strictly against private servers and have developed ways you cant emulate the server environment (Final Fantasy 11 and Eve online to name a couple)