Jay-Z to Renovate New York City 40/40 Club

Jay-Z is shutting the doors to his successful 40/40 club in New York City. The hip-hop mogul will close down the Manhattan hot spot this summer for renovations.

According to a letter written by Jay and his business partner Juan Perez, the sports bar will undergo a complete makeover.

"Starting June 1st, the 40/40 Club's New York City flagship location will undergo a complete transformation from floor to ceiling," reads the letter. "Lead by world renowned designer Jeffery Beers, The 40/40 Club's makeover will draw inspiration from the energy, grandeur and opulence of New York City nightlife. We are eager to re-open our doors in September and re-introduce a revolution in luxury sports-watching and nightclub experience. We appreciate your patience and continued dedication to our growing brand as we vow to return to the scene stronger than ever."

The 40/40 club opened back in 2003, and has since become a franchise with locations in Las Vegas and Atlantic City. Although the club has become a profitable business venture for Jay, it hasn't been without a few bumps in the road. In 2008, a former employee sued the club for low wages and non-payment for overtime. The Roc Nation head also recently settled a lawsuit with Boston Red Sox player David Ortiz, who was using the 40/40 name for a location in his native Dominican Republic.

Going forward, Jay has plans to open 40/40 locations in Chicago, Dallas, Atlanta and Tokyo.