The new management team put in place at JJB has vowed that there is a future for the beleaguered sports chain.

Sir David Jones, who has been made executive chairman, has put his confidence in the business. “I am hoping to make it successful,” he said.

Shares shot up by 16 per cent after the new management team was revealed last week, as investors are hopeful that Jones can mirror the turnaround he achieved at Next for the sports retailer.

Former Selfridges boss Peter Williams, who has been brought in as an executive director, will head the strategic development of the retailer and will be responsible for looking at the sale of its health clubs business and lifestyle division, including Qube and Original Shoe Company.

“JJB has a reason to exist and a place in the sports retail sector,” said Williams. “I have come here to help, I have not come to act as an undertaker.”

Retailers once again graced the New Year Honours List for 2008, with Jones being awarded a knighthood for his services to business.

River Island founder Bernard Lewis received an OBE for his charitable services. British Fashion Council chief executive Hilary Riva was also awarded an OBE.