JJB Sports, which narrowly avoided administration in April, is planning a share placing and open offer that will raise close to £100m, more than the total market value of the sporting goods retailer.

The shares are likely to be priced below 25p, a significant discount to Thursday’s close of 34½p. JJB shares were sharply lower in early trading on Friday, falling 6.5 per cent to 32¼p.