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JJB fundraising receives support

A £94 million fund raising by UK sportswear company JJB sports has received the backing of the company's major shareholders and looks likely to be a success. The company has had something of a chequered past over the last 12 months but many believe that this fundraising will finally draw a line under past problems and allow the company to look ahead to the future.

However, in a rather bizarre development, JJB sports has been forced to highlight five ongoing probes into the company by the likes of the office of fair trading, serious fraud office and serious organised crime agency. While many of these probes have been covered in the past, and in many cases relate to company individuals as opposed to the company, it is still a concern that these probes were instigated and appear to be ongoing.

As we have covered in recent posts, the £94 million fundraising (which is slightly less than many people had expected) was delayed after rumours began to circulate in the city of discrepancies in the financial affairs of chairman Sir David Jones. However, the company has apparently unearthed a plot to destabilise the management and the company and none of these allegations were found to have any foundation.

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