Dick's Sporting Goods Invests in Leading UK Sports Retailer
Dick's Sporting Goods announced today that it's agreed to make a 20 million pounds strategic investment in JJB Sports, a leading U.K. sports retailer. Under the terms of the agreement, Dick's Sporting Goods will purchase 18.75 million pounds in junior secured convertible notes and 1.25 million pounds in ordinary shares of JJB Sports, subject to the approval of JJB's shareholders. In conjunction with its investment in JJB Sports, Dick's will be entitled to nominate up to two nonexecutive directors to serve on the JJB Sports' board. Dick's will also be entitled to board observer rights under certain circumstances.