JJB Sports administration: 4,000 jobs at risk JJB was worth £1bn a decade ago and was still valued at more than £500m only two years ago. But it now faces an ignominious end to life as a public company. The company - formed by ex-footballer Dave Whelan in 1971 - has been squeezed by price-cutting rival Sports Direct and suffered from a series of management overhauls. KPMG, which will be appointed administrators, is still in talks with potential buyers for the company. Sports Direct, led by Mike Ashley, is the favourite to secure a deal but is thought to be interested in no more than half of JJB's 180 stores. The JJB statement yesterday confirmed a deal will be through a pre-pack administration. It said: "The offers received include offers to acquire certain of or substantially all of the trade, assets and brands of the group. However, the board notes that it does not expect to receive an offer for the shares of JJB.