Unfortunately the framework on which the software depends does not support UTF-8 for file operations. It supports Unicode, specifically UTF-16 and UTF-32, but not UTF-8. Don't know why, and don't think there's any plans by Microsoft to support UTF-8.
But having said that, I don't know why you would have trouble using a Euro (€) or half (½) symbol. Those do not require UTF-8 encoding. I just set the Title of a tournament to "€" and saved the tournament, and then checked the file encoding and it was saved as ANSI/Latin - at least on my computer. I exited the program, restarted it, and reloaded the saved tournament and the title remained "€".