Retailer JJB Sports has confirmed its boss Sir David Jones borrowed £1.5 million from the billionaire chief of rival Sports Direct in a move raising potential conflict of interest concerns.
Mike Ashley, who also owns Newcastle United, lent Sir David Jones the cash in October 2007 to fund a private business venture, according to JJB.
The report emerged as rumours were also swirling over an imminent investor cash call by JJB to raise at least £50 million.
