JJB.L Share News (JJB)

US fund manager Invesco is tired of waiting for a turnaround at JJB Sports and is preparing a move to protect its investment in the struggling sportswear retailer, the Sunday Times claims.The group has tabled a proposal to buy JJB Sport's outstanding debt from Lloyds Banking Group. The scheme, which the Sunday Times says was discussed at a company board meeting last week, would place Invesco in a powerful position in the battle over the future of JJB, which has been limping from profit warning to profit warning for some time despite being thrown a lifeline in April by US operator Dick's Sporting Goods.The US sportswear seller injected cash into the firm in return for a 3.1% stake in JJB, but has an option over convertible loan notes which could see its stake in JJB rise to around 61%.That would see it supplant Invesco as the main shareholder although the two parties are said to be working together on the restructuring. Invesco currently owns 47.5% of the shares in issue. Other major shareholders include Harris Associates (20.8%), Crystal Amber (7.1%), the Bill & Melinda Gates Foundation Trust (5%) and the Pennsylvania State Employees' Retirement Fund (3.7%).The Sunday Times's sources say Invesco wants to push through a "dramatic restructuring" which would, if the plan comes off, break the depressing cycle of profit warnings and cash calls. The plans might have been the reason for the abrupt departure of JJB boss Keith Jones late on Friday, July 27th. Jones was replaced as Chief Executive Officer on an interim basis by lingerie retailer Beverley Williams on July 30th.The shares edged up a quarter of a penny to 6p following the newspaper report, but with so many of the group's shares held by committed shareholders, this company is increasingly looking like a private soap opera.