JJB Sports backs chairmain

Retailer JJB Sports is finalising arrangements for a 100 million pound equity fundraising after its plans were delayed by allegations over the financial affairs of its chairman.

JJB said it had launched an investigation into the newspaper allegations against Sir David Jones and concluded they were "totally unfounded."

"The board is very concerned by the timing and concerted nature of these rumours and has passed on full details, with the results of its investigation, to the relevant regulatory authorities" it said in a statement.

"The board remains fully supportive of Sir David Jones and committed to proceeding with a capital raising."