JJB Sports shows support for Jones
 
Tue, 7th July 2009
 
 

JJB Sports shows support for Jones

Tuesday July 7th 2009
JJB Sports shows support for Jones

JJB confirms that Chairman Jones has a £1.5m loan outstanding with Mike Ashley, the owner of JJB's main rival Sports Direct

JJB said that details of the loan, including interest rates and the option to convert the loan into shares in ANT (Advanced Network Technologies) , were made known to the Company's executive directors and its financial and legal advisers earlier this year. They viewed the arrangement as a private one concerning Mr Ashley and Sir David and not one requiring public disclosure.

"The Board is clear that the arrangement, that was initiated before Sir David joined the Company as a non-executive director, has not given and does not give rise to any conflict of interest. The Board has been informed by Sir David that he intends to repay the loan as soon as possible in order to avoid further distraction for the Company and its business. The Board considers the matter closed." JJB said.

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