Sports Direct is close to sealing a deal to buy 60 stores from JJB Sports with sources saying the sale may be completed later today.
It is understood that Sports Direct will shell out £30m for the stores along with JJB’s stock .
The Mike Ashley controlled sports giant will take 20 JJB stores immediately, with the remainder held separately subject to approval by the Office of Fair Trading, according to Reuters.
JJB revealed on Monday it was close to appointing KPMG as administrator to sell its assets and brands.
The retailer has been in talks with prospective buyers for several weeks. Along with Sports Direct, conglomerate the Stafford Group, which runs 60-store Irish chain Lifestyle Sports, and JJB founder Dave Whelan have also been circling.
JJB has suffered falling sales for some years and conducted two CVAs, allowing it to dispose of underperforming stores, as well as capital raisings. A steep downturn in trading and poor performance during Euro 2012 left it teetering on the brink.
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Sports Direct poised to buy 60 JJB Sports stores as deal imminent