"When I sold it, it was valued at a billion pounds. Now it's completely worthless”

Business quote of the day.

Michael Phelps at a signing session at a JJB store in 2009. Photograph: Getty Images

When I sold it it was valued at a billion pounds. Now it's completely worthless.                                                                                                

Dave Whelan, owner of Wigan football club, who founded JJB Sports in 1971, before selling it in 2007. The sports retailer was placed into administration today and is making 2,200 staff redundant. The administrators, KPMG, have only kept on 167 staff. Rival brand Sports Direct is buying 20 stores from JJB, but the rest will close with immediate effect.