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JJB Sports attracts the analyst red pen

Troubled sports retailer JJB Sports was today on the end of a significant downgrade by the Goldman Sachs analyst team who expects sales this year to collapse 33% and for a further 30% the year after. Cumulative losses for the two years are expected to be in the region of £62.5 million with £43.5 million expected in the current year and £7.7 million in the year after.

This comes at a very difficult time for JJB Sports which is currently considering a number of ways to raise additional working capital. The sale of non-core assets and the issue of new shares have been considered at great length by the directors and we should hear something in the short term. There is also some controversy regarding a £1.5 million loan taken by Sir David Jones, the chairman of JJB Sports, from fierce competitor Mike Ashley who is the leading shareholder in Sports Direct.

Mike Ashley believes that Sir David Jones has a conflict of interests while JJB sports have denied this accusation with the fight set to go on. There is serious bad blood between David Whelan, the founder of JJB sports, and Mike Ashley who have been at loggerheads for some time.

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