LATEST: Hip-hop mogul JAY-Z has confirmed the sale of his Las Vegas nightclub 40/40.

The rapper, real name Shawn Carter, was reported to be looking to sell the sports bar earlier this month (Aug08) after allegedly failing to see a profit since opening in Sin City last year (07).

Naming rights for the sports bar and lounge are not up for sale.

Carter and his partners have not given up on the 40/40 brand, announcing their plans to open clubs around the world in the forthcoming year (08-09).

In a statement issued on Wednesday (27Aug08), the rap mogul says: "The sale is a great business decision; we are delighted. We look forward to expanding the brand even further to Chicago and Tokyo."

Carter's 40/40 flagship remains open in New York; it launched in 2003.

Details about the price of the 40/40 sale in Las Vegas are undisclosed.