UK sportswear retailer Sports Direct has reportedly given the Financial Service Authority written notice of the well-publicised GBP1.5m loan its owner Mike Ashley gave to JJB Sports chairman Dave Jones.

According to Dow Jones Newswires, Sports Direct sent out the letter on Friday (17 July).

However, spokespeople for Sports Direct were not available to comment when contacted today.

The loan in question had raised questions of possible conflicts of interest but JJB has backed Sir David, saying the money was for business rather than personal use.