The Wigan-based firm will tomorrow announce details of a share offering to raise the cash, which is expected to come from existing investors.
It will use the funds to give it working capital as it goes through a tough restructuring process.
JJB’s five leading shareholders have agreed to the plan following talks, which comes within three months of a separate £31.5m share offering.
Chairman Mike McTighe is spearheading the refinancing alongside his chief executive Keith Jones.
He is thought to be considering plans to give directors shares in the company as he looks to turn the business around.
JJB, which holds a £25m facility with the Bank of Scotland, has struggled under the pressure of its debts and faltering sales.
The retailer needs cash to pay creditors, including landlords and shareholders, to support its second company voluntary arrangement in as many years.
JJB suffered a blow last week after rival JD Sports walked away from a possible takeover.