JJB Sports on track with £100m fundraising plan

Struggling sportswear group JJB Sports has confirmed that it was still on track to raise £100 million via rights issue.

The £100 million fund raising plan was suspended last Friday to probe false claims of illegitimate payments to executive chairman Sir David Jones.

It was informed that JJB Sports was very concerned by the nature of these rumors and thus passes on the investigation to the Financial Services Authority.

The unfounded rumors claimed that Ms. Sharpe, the daughter of former JJB Sport's CEO, had made payment into Sir David Jones' account.

The company said in a statement, "The board has now concluded its investigation and found these rumors to be totally unfounded."

JJB added that the rumors were found to be totally baseless.