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JJB chairman John Clare to be paid in shares

JJB Sports chairman John Clare has shown his confidence in the recovery of the sports chain by taking a share award only for his role at the retailer rather than cash.

JJB said that Clare, who was named full time chairman in May, would have 100% of his fee for the first two years of his appointment paid in a share award.

The price of the shares will be disclosed at a later date and be redeemable from May 2012.

Clare, along with new chief executive Keith Jones, is leading a turnaround of the business that was on the brink at the start of 2009 and faced major restructuring including a Company Voluntary Arrangement (CVA).

In its full year to January 31 JJB made a pre-tax loss of £68.6m and it said that recovery would be “neither quick nor easy”.

Between February and May like-for-like sales have started to rise for the retailer and is hoping that the World Cup will help lift its sales further this month.

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