JD Sports Fashion has sold its shares in rival sports retailer JJB Sports.

It said today that it has disposed of its almost 10% stake, over 65m shares, in the retailer and no longer has any shares in business.

JD Sports built its stake in JJB Sports at the end of last year when the chain, run then by Chris Ronnie, was at the height of its troubles and the future of the business was uncertain.

Sports Direct founder Mike Ashley was also understood to have offloaded his shares in the business earlier this year.

It is believed JJB’s rivals had built stakes so that they could have some control over the rival business was to fail. JJB has secured its future with a Company Voluntary Arrangement and a £100m fundraising agreed in October this year.