Dave Whelan, founder of JJB Sports PLC, has sold his family's entire 28.96 percent stake in the UK sports retailer and quit the board.
The stake was sold to a joint venture formed by Icelandic financial group Exista and Chris Ronnie, who was previously with Umbro and Sports World's owner, Sports Direct. Ronnie has been appointed as JJB's deputy chief executive, with particular responsibility for sourcing and product development.
JJB said that Whelan, who is 70 and founded the U.K. sports chain in 1971, was no longer executive director of the company and would cease to be involved in the operations of the business going forward.
However, he had been appointed honorary life president in recognition of his contribution to JJB.
“Retiring from the board and selling my stake in the business I founded has not been an easy decision but it has been made easier by my confidence in the senior management team,” said Whelan. “I wish the company every success.”
His resignation comes two days after JJB issued a disappointing sales outlook.
