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JJB prepares for AGM row

SPORTSWEAR tycoon Mike Ashley is threatening to make an explosive appearance at arch rival JJB Sport&rsquo;s annual meeting today.<br /><br />The showdown will centre on the exact chronology of Ashley&rsquo;s &pound;1.5m personal loan to JJB&rsquo;s executive chairman Sir David Jones, which could pose a conflict of interest.<br /><br />JJB Sports maintains that the &pound;1.5m loan, which has now been repaid, was initiated before Jones joined its board.<br /><br />But Ashley says the loan was made after Jones joined the board, which would present a conflict of interest.<br /><br />Ashley, owner of Sports Direct, last week turned up the heat by publishing a letter between the two businessmen which detailed the terms and timings of the loan. It appeared to contradict Jones&rsquo; version of events.<br /><br />A spokesman for Ashley yesterday said he was &ldquo;unhappy about the way JJB&rsquo;s statement misrepresented the background and chronology of loan&rdquo;.<br /><br />As well as attempting to embarrass Jones over the loan, Ashley is set to grill JJB over why it has terminated stock agreements between the two businesses.<br /><br />A spokesman for Sports Direct said: &ldquo;Despite Sports Direct offering very attractive commercial terms to provide stock, JJB has refused to carry on this deal&rdquo;<br /><br />But JJB said it had decided to terminate the deal because it had become a major headache for the company.