One of JJB Sport’s largest shareholders, Crystal Amber Fund, has sold over half of its shares in the retailer but says it will support its proposed capital raising.

On Friday Crystal Amber sold 22 million JJB Sports shares, leaving it with a 5.45% stake in the company.

Crystal Amber chairman William Collins said: “We have been actively involved with recent developments at JJB and welcome the proposed fundraising.

“We intend to continue to play a full role in helping JJB with its recovery programme. Following the placing, JJB will remain the largest holding of Crystal Amber and we retain a significant shareholding in JJB’s much enlarged capital base.”

Over the weekend yet more revelations came out about the embattled retailer.

The Sunday Times reported that retailer’s former chairman Roger Lane-Smith spent a week at JJB founder Dave Whelan’s Barbados holiday home last autumn and had a poolside meeting with JJB Sports’ former chief executive Chris Ronnie where the terms of a possible sale for its gyms business were discussed.  

Chris Ronnie, who was sacked from JJB Sports earlier this year, has meanwhile said he is entitled to immunity from prosecution if the OFT, who are among five organisations investigating the firm, finds evidence JJB Sports was colluding with rival Sports Direct to fix prices.   

It has also been reported that current chairman Sir David Jones and members of his family had been threatened with violence as a warning against going ahead with its £94m fund raising.

A spokesman for JJB Sports said: “All of the events of last week have been reported to the relevant authorities.”