Chris Ronnie's exit from JJB Sports could be scrutinised in the law courts after a row broke out on whether he jumped or was pushed from the company.
Last month the former chief executive announced he had resigned from the company and had received a financial pay-off, but moments later JJB rejected this claim, saying it had not settled on the terms.
The matter was reignited this week when the sportswear chain said it had in fact dismissed Ronnie for gross misconduct after a controversial share sale. The board added that no financial settlement had been agreed with Ronnie.
But last night Ronnie issued a statement via his lawyers Pannone, saying he had resigned from the company and had indeed received a financial pay-out, believed to be a six-figure sum, which was “sent from JJB to Pannone without qualification”.
Pannone's head of regulatory investigations Anthony Barnfather said: “Our client's position is that he ceased to be an employee of JJB from February 24, 2009. As such the finding of misconduct is in our opinion wholly erroneous."
A source told The Telegraph that “litigation is a possibility”.