Whelan takes over helm at JJB Sports

Dave Whelan, the founder and chairman of JJB Sports, is to become the company's acting chief executive following the death of Duncan Sharpe, who was his son-in-law.

Mr Whelan, 65, founded JJB in 1971 and built it into Britain's biggest sports retailer with 438 stores. But the business has been hit hard by a profits warning and a negative reaction to its acquisition of TJ Hughes, the discount department store group.

JJB will also announce its interim figures today, a day earlier than expected, but delay City presentations until 23 October. In a statement yesterday JJB said pre-tax profits for the six months to 31 July were "broadly in line with market expectations". Analysts are anticipating profits of around £38m, though there are concerns around current trading.

JJB shares initially fell 10 per cent on the shock news of Mr Sharpe's death but recovered to close just 2.5p down at 136p. One analyst said: "It's not been a good six months [for the company] despite the World Cup. And autumn trading has clearly been bad."

Another said: "The immediate question is, is there a black hole in the numbers, but the share price reaction suggests that there isn't."

There have been suggestions of a management buy-out at JJB where the share price has collapsed from 478p in the past year. However, analysts said this was now unlikely. One said: "You have to say there is less chance of that now. But is there a chance they will take an offer? It's all up to Dave Whelan and whether he's got the fight in him for another challenge."

Commenting on Mr Sharpe's death, David Greenwood, finance director said: "Duncan was so outgoing and so full of life. He changed over the last couple of months and became a bit depressed. He's obviously been suffering from a lot deeper depression than anyone had ever imagined."