The net proceeds of the sale will be used to repay the Company's outstanding debt to its lender and other secured creditors. The remaining stores will not form part of the sale and the administrators do not intend to trade from these stores in the administration.
Sports Direct will acquire 20 stores, substantially all of the stock in the business and the Slazenger Golf brand licences, as well as the Company's freehold property in Wigan. The Company also announces completion today of the sale by the administrators of certain of the trade, assets and product brands of the Group to wholly owned subsidiaries of Sports Direct International plc ("Sports Direct") for cash consideration of GBP23.77 million, with up to a further GBP0.25 million of additional cash consideration payable after completion of a post-sale stock take. ("JJB" or the "Company" or, together with its subsidiaries, the "Group")Īppointment of administrators, sale of the business and cancellation of listingįollowing receipt of final offers for the business and assets of the Group and the suspension of the Company's ordinary shares on 24 September 2012, the Company confirms the appointment today of Brian Green, David Costley-Wood and Richard Fleming, partners of KPMG LLP, as administrators of the Company, of Brian Green and David Costley-Wood as administrators of SSL Retail Limited and of Brian Green, David Costley-Wood and Blair Nimmo as administrators of Blane Leisure Limited. He was sentenced in December 2014 to four and a half years in jail, and banned indefinitely from acting as a company director.THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN AND SOUTH AFRICA AND SHOULD NOT BE DISTRIBUTED IN, FORWARDED TO OR TRANSMITTED INTO ANY JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF LOCAL APPLICABLE SECURITIES LAWS OR REGULATIONS. On 20 November 2014, Ronnie was convicted of three counts of fraud and two of furnishing false information. The two arrests were the culmination of a three-year investigation by the Serious Fraud Office, which said investigations into possible offences committed by other suspects were ongoing. He appeared alongside a clothing manufacturer who was a key supplier to the sports retailer during Ronnie's tenure as chief executive of JJB between August 2007 and March 2009. Ronnie appeared at Westminster Magistrates' Court in London on Wednesday 4 April 2012 charged with fraud, theft and money laundering. However, DW decided not to sell the business and issued a statement to that effect. In October 2010 Ronnie held discussions with DW Sports about purchasing the retail business from Dave Whelan's company. Ronnie had previously worked for Umbro, Sports Direct International, Pentland Group and Blane Leisure Limited.
In February 2009, Ronnie's lawyers said that he "has always maintained that he has not knowingly breached any disclosure obligations in relation to his shareholding" and stated Ronnie had "tendered a letter of resignation conditional upon reaching an agreement on the terms of a settlement." JJB rejected this resignation as no agreement had been met. Christopher Ronnie (born 1961/62) is a British businessman and convicted fraudster, chief executive officer of JJB Sports from June 2007 to March 2009, when he was fired for failing to disclose the sale of his stake in the company within the required four days.
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