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Sunday, March 1, 2009

Rotorcraft Report: U.K. Sports Relator Sells AW109s

COMMERCIAL | EXECUTIVE TRANSPORT

Following the suspension of its CEO Chris Ronnie, U.K.-based JJB Sports has put his two Agusta AW109 corporate helicopters up for sale. "The helicopters are being sold to manage costs at the company," JJB Spokesperson Richard Farnsworth told R&W. "The first helicopter has been sold for £4 million [U.S. $5.6 million] to a Middle Eastern buyer. The second helicopter is up for sale. A price is yet to be agreed." JJB Sports has been in the British headlines a lot lately. First, there’s the issue of its suspended CEO Chris Ronnie. Without the knowledge of JJB Sports’ board or government regulators, Ronnie borrowed cash against his 27 percent share in the company. After his bank failed and the loan was called, Ronnie lost his shares and subsequently his job as CEO. Also, JJB lost roughly $14.1 million last year.

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