HERZOGENAURACH, Germany — A group of investors are planning to bid about 1.7 billion euros ($2.2 billion) for Adidas AG's Reebok unit, the Wall Street Journal said, citing people familiar with the matter.

Jynwel Capital, a Hong Kong-based private-equity investor, and funds affiliated with the government of Abu Dhabi plan to make an offer to Adidas’s directors “imminently,” the report said. It isn’t clear how the sporting-goods company will respond, the Journal said.

Adidas cut its full-year profit forecast in July amid competition from Nike Inc. and smaller rival Under Armour Inc., and a declining market for golf gear. The depreciation of the ruble has also weighed on earnings, as Russia and neighboring countries make up more than 13 percent of the company’s sales. The Herzogenaurach, Germany-based company bought Reebok for $3.8 billion in 2006 to compete against Nike in the U.S., which accounts for almost a quarter of its revenue.

Nike replaced Reebok as the U.S. National Football League’s apparel supplier in 2012, leading to a cut in its sales forecast. Adidas has declined 41 percent in German trading this year amid falling North American revenue, making it the worst- performing stock in Germany’s benchmark 30-stock DAX Index, which is down 7.4 percent.

It’s unclear which Abu Dhabi fund would join Jynwel in its Reebok bid, the Journal said. The investor group plans to continue Reebok’s current strategy and provide more financing for marketing and new stores, and would keep Reebok’s executives, the report said, citing the people familiar with the matter. The group first approached Reebok’s management about making an investment late last year, the Journal said.

By Terje Langeland; editors: Young-Sam Cho, Dave McCombs.