...As firm gets up to £65m in fresh funding

STRUGGLING sports retailer JJB last night revealed it had secured up to £65m worth of fresh investment as it battles to safeguard its future.

The company, which saw its share price almost double earlier this week when it confirmed talks with a strategic partner, said that US sports chain Dicks would be investing £20m in new shares in the firm, with the right to invest a further £20m in convertible loan notes.

Existing shareholders, IAML, Harris Associates, Crystal Amber and Bill Gates’s foundation, have also agreed to invest an additional £10m in the firm by subscribing for new shares.

Separately, key supplier Adidas has agreed to provide a loan worth up to £15m to aid the chain in accelerating the turnaround of its remaining stores, ahead of the Olympics.

Meanwhile, Bank of Scotland has agreed to extend JJB’s existing debt facilities until May 2015.

JJB Sports chief executive Keith Jones said the investment package would enable it to accelerate its turnaround.

JJB has been refitting stores and expanding product ranges in a bid to boost sales. The retailer secured £65m in a capital raising from shareholders when it ran into difficulties last year.