Combine champagne, club soda and sugar in a saucepan. Sprinkle gelatin on top.
Let gelatin soften for about two minutes to bloom, then heat mixture over low heat. Stir until gelatin has completely dissolved, about 2 to 3minutes, and remove from heat.
Stir in remaining 1/4 cup each of champagne and rum.
Grease a loaf pan with nonstick cooking spray. Pour mixture into mold and chill for 2 hours, or until firm.
Invert jello to parchment paper-lined cutting board and slice into squares and serve cold.