The fate of troubled sportswear retailer JJB Sports could be decided next week after it confirmed it intends to raise £65m through a new share placing, but only if its landlords agree to a new company voluntary agreement (CVA).It is the firm's second huge fund raising in just two months, having raised £31.5m in February, as it struggles to keep going.JJB said today it will only go ahead with the proposed capital raising if the CVA Proposals are approved at a meeting on 22 March. If there is a challenge, it has to be resolved by the end of June or else the placing won't go ahead. Key investors in the company have agreed to participate in the fundraising, JJB said.The firm wants to shut 43 stores will shut by 24 April 2012, while a further 46 shops could close during the following year if their performance doesn't improve. JJB want rents on these properties halved and is demanding a move to monthly rather than quarterly rent payments for the next two years.The £65m fund raising is being underwritten by Numis and is backed by JJB's loyal band of big shareholders including Harris Associates, Crystal Amber, Invesco Asset Management and Bill & Melinda Gates' Foundation Trust. Bank of Scotland will also provide a loan facility of £25m if the capital raising goes ahead.On the trading front, JJB said expectations of trading for FY11 have remained unchanged. "Despite current economic conditions making accurate forecasting difficult, the company has, over recent weeks, been achieving its internal expectations in relation to trading," it said.On a like-for-like (excluding VAT) basis, revenue for the period from 24 January 2011 to 13 March 2011 fell by 13.5%. Total group revenue for the same period was down 14.6%. Overall gross margin for the same period was 36.3% compared to 40.4% during the equivalent period last year."The company continues to obtain very encouraging results from the six transformed stores. The board continue to carefully manage cash and available resources ahead of anticipated completion of the restructuring and refinancing towards the end of April," it added.Last week, JJB's trendier rival JD Sports walked away from a possible offer for JJB, saying it had not received sufficient information about JJB's plans for a CVA.