Mike Ashley's Sports Direct, which recently agreed a partnership with Rangers, is the leading contender to take over JJB.
However, bids from Irish conglomerate Stafford Group, US retailer Dick's Sporting Goods and a number of private equity firms are also understood to be on the table.
JD said it felt the size of JJB's stores were not compatible with its strategy and it had no interest in trying to cherry pick parts of the stricken business.
That came as JD's half-year results were dragged down due to it buying almost 300 Blacks Leisure and Millets shops out of administration in January. A relocation of warehousing facilities also hit profits.
Overall revenue at the company – which has more than 1000 staff in Scotland – grew 26% from £439.8 million to £556m but pre-tax profits tumbled from more than £20m to £2.9m in the six months to July 28.
There was a loss of £10m in the outdoor retail division which was blamed on lack of stock and a high cost base although 97 shops have now been shut.
JD said that arm, which brought in £52m in revenue in the period, was now stabilising with the possibility of it breaking even by the year end.
The number of Blacks and Millets stores will further reduce from 198 to 150 after Christmas.
The core sports retail division – which includes stores in Ireland, France and Spain – grew revenue by 15% from £322.7m to £371.2m although operating profit dipped from £20.2m to £18.9m.
The fashion arm – including Bank, Scotts, Cecil Gee, Tessuti and Originals – increased revenue by 10.2% from £59.5m to £65.6m but saw its operating loss grow from £3.4m to £5.3m.
The distribution business, which has brands including Deakins and Kooga, narrowed its operating loss from £500,000 to £400,000 while revenue rose 16.9% from £60.5m to £70.7m.
In the six weeks to September 8 JD's sports arm was 3.2% up but fashion was 6% down.
Peter Cowgill, executive chairman, said: "I stated in April that the recent expansion activity in the group, the relocation of distribution facilities and the resolution of the stock and property issues in the Blacks business would impact results in the short term. As expected, this has proven to be the case but it does provide the group with a very positive platform for future development."
Investec analyst David Jeary said the group's margins were more resilient than expected but there was still a lot of work to turn Blacks around.
Last month JD sold rugby brand Canterbury – which supplies kit to the Scotland international side – to Pentland for £22.7m.
JD's shares ended the day down 13p at 718.5p.