JJB also owns a football stadium

Dave Whelan said he was thinking of making an offer for the company after its torrid year.

JJB shares have lost almost two thirds of their value in the past 12 months following its unexpected profit warning and badly received acquisition of the discount chain TJ Hughes.

Suggestions of a possible buy-out surfaced in October after the sad death of the group's former chief executive Duncan Sharpe, Mr Whelan's son-in-law.

Waiting for an offer

Mr Whelan's family already owns a large part of the sports retailer, with an estimated stake of 38%.

Mr Whelan, a former Blackburn Rovers football player, floated JJB on the London stock market in 1994.

The group now has a portfolio of 444 stores and a further 39 TJ Hughes outlets.

Its shares surged more almost 20% or 30p to 187p on news of the possible buy-out.

JJB said a committee of independent non-executive directors had been set-up in case an offer is made.