JJB Sports has reported that its £100m fundraising has been successful, putting the embattled business on a firmer financial footing.

The retailer said that 90.4% of open offer shares had been taken up by qualifying sharehoolders and that demand for the remainder was three times oversubscribed.

The retailer said: “No open offer shares have been allocated to those institutional shareholders and other investors with whom they had been conditionally placed under the terms of the placing.”

JJB Sports has suffered trading difficulties and been mired in controversy for much of the year as rival Mike Ashley, founder of rival Sports Direct, and JJB chairman Sir David Jones fought a bitter feud.

JJB bosses hope that following the fundraising they can concentrate on improving the business. A new chief executive is expected to be appointed shortly. Jones took on executive responsibilities following the exit in disgrace of former chief executive Chris Ronnie.