After weeks of speculation, Shawn "Jay-Z" Carter and his partners have finally confirmed reports that they are selling their 40/40 Club in Las Vegas for an undisclosed amount.

"The sale is a great business decision; we are delighted. We look forward to expanding the brand even further to Chicago and Tokyo," Carter said in a statement. Carter's partners have also said that the 24,000-square-foot sports bar and lounge in the Palazzo Hotel and Casino will no longer operate under the 40/40 brand, as the sale is for the lease and not the naming rights.

Carter and his partners said they still plan to open 40/40 clubs in Chicago, Tokyo and Macau within the next 12 months.

The flagship 40/40 Club opened June 18, 2003, in New York and has since become a celebrity hot spot despite legal issues from employees claiming unfair treatment.