UPDATE: On March 2, Diddy set the record straight regarding the recent Oscar award win for the film 'Undefeated,' which was widely reported as being won by the music mogul. He confirmed that he did not receive the trophy but rather the film's directors and producers did, all this while he was interviewed on the 'Today' show. The Bad Boy Records founder was an executive producer for the film.

Sean 'Diddy' Combs is well on his way to EGOT-ing with his first Oscar win. The hip-hop mogul earned the top honor for his role as executive producer on 'Undefeated,' a football film that won Best Documentary at the 84th Academy Awards Sunday night (Feb. 26).

'Undefeated' chronicles the struggles that young football players face on and off the field at Manassas High School in Memphis, Tenn. -- a school that had previously never qualified for a single playoff game in its 100-year history.

"When I was coming up and I went to high school, it was my dream to be a football player and I broke my leg in the last day of camp," Diddy recently told ET. "The movie really moved me in a personal way, but it could touch people in so many other ways."

The rapper's star power and dollar-backing helped the film garner a ton of praise. At the big show last night, Diddy took to Twitter to thank all the people involved saying, "Dreams do come true!!!!! #undefeated !!!! Let's go!!!"

Diddy posed with 'Undefeated' directors T.J. Martin and Dan Lindsay, and fellow producers Rich Middlemas, Glen Zipper, Ed Cunningham, and Seth Gordon backstage after their win. Those guys were pretty happy to have Diddy on their side! So what's next for the rapper king? Broadway perhaps?

Diddy Talks 'Undefeated'

Watch Diddy Dirty Money's 'Love Come Down'