JJB rocked by banking smear
JJB sport, which is currently in the throes of finalising a £100 million rights issue, has today been forced to reply to a smear which has appeared in the Sunday Times. Such was the severity of the accusations that the company has effectively put on hold the rights issue until the situation is resolved and the company can get back to "normal".
The smear would appear to suggest that David Whelan, the former chief executive of JJB, had apparently made payments to Sir David Jones who is now the chairman of JJB sport. The report suggests that these payments were made indirectly by Jayne Sharpe, the daughter of David Whelan, at a time when David Whelan was in discussions to acquire JJB's health club division.
The company has confirmed that an emergency board meeting was called when the elaborate smear was discovered and investigations into the personal bank accounts of Sir David Jones showed that there were no such payments made. It would seem likely that this affair will be passed over to the authorities because of the severity and the potential implications which could have put in danger the future of JJB sport. Quite why this accusation has appeared and who is behind it is very much a mystery.
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