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Rap star Jay-Z and his business partners have officially announced the sale of the 40/40 Club in Las Vegas for an undisclosed amount, AllHipHop.com has confirmed.

The 24,000 square foot sports bar, which is located in The Palazzo and Casino, will no longer operate under the 40/40 brand, as the sale is for the lease and not the rights to the name.

“The sale is a great business decision, we are delighted. We look forward to expanding the brand even further to Chicago and Tokyo ,” Jay-Z told AllHipHop.com in a statement released today (August 27).

Over the next year, Jay-Z and his business partners will open 40/40 sports bars in Chicago, Tokyo and Macau.

The Las Vegas 40/40 Club was opened in December of 2007.