We remain confident in the long-term future of the business

JJB Sports

The body of Duncan Sharpe was discovered hanging from a tree near Bolton-by-Bowland by a farmer on Monday. Lancashire police have said there are no suspicious circumstances.

Shares in JJB Sports dropped 10% on the London Stock Exchange within minutes of the company's announcement of Mr Sharpe's death.

"Duncan had been with JJB for 19 years and was held in great affection and respect by all who knew him," the firm said in a statement to the London Stock Exchange.

Family-run firm

The company has appointed Mr Sharpe's father-in-law Dave Whelan as its acting chief executive.

Duncan Sharpe: 'no suspicious circumstances'

Mr Whelan is an ex-Blackburn Rovers footballer who bought a single sports shop in Wigan in 1971 and built it into the JJB Sports chain.

Now ranked sixty-fourth on Britain's rich list, he is the executive chairman of JJB Sports.

Offering its sympathy to Mr Sharpe's family, the firm paid tribute to his "enthusiasm, energy and knowledge of the business", saying they had been "a significant factor in the success of JJB".

"While it is difficult to focus on business matters at a time of personal tragedy, we remain confident in the long-term future of the business", JJB Sports added.

'No profits problems'

In April, JJB Sports clinched a six-year exclusive marketing deal with Manchester United.

Earlier this year, it bought the North West-based discount clothing chain TJ Hughes for �42m.

JJB Sports backs Wigan teams

The firm is due to publish its figures for the first half of its current financial year later this week, on Thursday 10 October.

It said pre-tax profits would be "broadly in line with market expectations".

The firm issued a profits warning in July, trimming its forecast for six months' pre-tax profit to between �39m and �43m before one-off costs, known as goodwill.

In the same period of last year it posted a 65% jump in profits to �47.2m before goodwill.

JJB Sports has 430 stores in all the major towns and cities of the UK, as well as branches in Ireland and the Netherlands, and successfully mixes mass market casual fashion with sports wear.

Mr Whelan's other business interests include Wigan Athletic football club, Orrell Rugby Club and Wigan Rugby League Club.

Forty-three year old Mr Sharpe was once a professional golfer.