Troubled sports chain JJB Sports is expected to ask investors for a further £50m following the £31.5m promised before Christmas, according to reports over the weekend.

On Christmas Eve JJB secured £31.5m from shareholders after it warned it would miss forecasts and potentially breach the terms of a £25m loan.It signalled that it would address its long-term financial requirements once it had drawn up a new strategy.

JJB’s two largest shareholders, Harris Associates and Crystal Amber supported the £31.5m financing. The Bill & Melinda Gates Foundation also lent their support to the fundraising, which resulted in JJB’s lender Bank of Scotland waiving January covenant tests on the £25m loan.

The retailer has also undergone a management restructure, with chairman  John Clare being replaced  by turnaround specialist Mike McTighe, revealed last month.

JJB has suffered declining sales in recent years as it is squeezed by rivals including Sports Direct.

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