JJB boss confirms borrowing from Mike Ashley

Jul 8 2009 by Graeme Brown, Birmingham Post

Retailer JJB Sports has confirmed its boss Sir David Jones borrowed £1.5 million from the billionaire chief of rival Sports Direct in a move raising potential conflict of interest concerns.

Mike Ashley, who also owns Newcastle United, lent Sir David Jones the cash in October 2007 to fund a private business venture, according to JJB.

The report emerged as rumours were also swirling over an imminent investor cash call by JJB to raise at least £50 million.