Sports chain chief 'to sell £50m stake'

JJB Sports founder David Whelan was today poised to raise more than £50m (€76m) through the sale of some of his stake in the sports retailer.

The company said Mr Whelan had decided to sell the shares for personal financial reasons and that he remained committed to the business.

Mr Whelan, who is chairman of Wigan Football Club, will offload up to 20.5 million shares, equivalent to 8.6% of the company. At last night’s closing price, the shares were worth £52.9m (€80m).

The move will reduce the holding Mr Whelan and his family have in the company to around 29%. He has undertaken not to sell more shares for at least 12 months.