Head of JJB sports David Whelan is to case in 3.5m shares. The sale could raise more than £17m based on the share price of 492.5p at the close of business on Friday night.
JJB Sports said the sale would leave its executive chairman and othermembers of his family with almost 50m shares, or 55.1% of the company. It said Whelan had pledged not to sell any more shares for at least a year.
The share sale announced today follows plans revealed by Whelan inApril to sell some shares to raise money to fund a new stadium for WiganAthletic football club. Whelan holds a controlling interest in the club, which last seasongained promotion to the second division of the Nationwide Football League.
He has bought land in Wigan and today said he intended to startbuilding a 25,000 all-seater stadium in the autumn at a projected cost of £20m to be used by both Wigan Athletic and Orrell Rugby Union club.
The sports chain, based in Wigan, Greater Manchester, was founded byWhelan more than 20 years ago with one shop. It floated on the stock market three years ago and is valued at more than £425m.
PA News 01/07/97
