JJB Clouds gather

A new cloud is hanging over JJB Sports Plc (LSE: JJB) today after Mike Ashley drove his stake in the company up to nearly 29 per cent.

Ashley, majority shareholder of rival Sports Direct International Plc (LSE: SPD) bought a 23.3 per cent chunk of shares which were auctioned off by receivers of Icelandic bank Kaupthing Singer & Friedlander.

He paid 11p, sending JJB