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JJB Sports raises £100m from investors

JJB Sports has successfully raised the £100m it needed to develop the sportswear business, following continuing controversy in recent months.

The sports retailer said that 90.4% of open offer shares had been taken up by qualifying sharehoolders and that demand for the remainder was three times oversubscribed.

JJB Sports said in a statement: “No open offer shares have been allocated to those institutional shareholders and other investors with whom they had been conditionally placed under the terms of the placing.”

The retailer has suffered trading difficulties for much of the year and has been been the subject of controversy as chairman Sir David Jones feuded with rival Mike Ashley, founder of rival Sports Direct.

JJB bosses hope that following the fundraising they can concentrate on improving the business. A new chief executive is expected to be appointed shortly. Jones took on executive responsibilities following the exit in disgrace of former chief executive Chris Ronnie.

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