Sports chain chief to step down

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It emerged last week that JJB boss Chris Ronnie no longer owned his 27.5% stake in the firm after it was seized by stricken Icelandic bank Kaupthing, now in administration.

Mr Ronnie had used the shares as security against loans from Kaupthing last year when he and Icelandic group Exista bought founder David Whelan's stake.

But it is thought that Kaupthing took charge of the shares after he failed to pay back the loan and Mr Ronnie did not inform the City or company that the shares had changed hands.

The Mail on Sunday said JJB's bank Barclays ordered an investigation into his activities, with recently knighted new chairman and former Next boss Sir David Jones leading the review. He could also face scrutiny by the Financial Services Authority, according to reports.

The Wigan-based retailer is already suffering as it comes under pressure from tighter margins and lower sales. It said last week that losses could reach £10 million this year and revealed that like-for-like sales across the group fell 6.8% in the five weeks to January 11.

JJB is already "considering its options" for the struggling Lifestyle business, which includes the Qube and Original Shoe Company chains - the arm that is largely responsible for the current losses.

It has previously attempted to sell the division and is said to be meeting on Tuesday to decide its fate.

A closure of the division is also possible, with administration of the lifestyle arm not believed to have been ruled out.

JJB, which has around 400 stores, is also sending out details to potential buyers of its profitable chain of health clubs, leaving management to concentrate on turning around the main sportswear chain.