AceShowbiz - Rap mogul P. Diddy will close down his flagship clothing store in New York at the end of the year due to slow sales. The entrepreneur opened the Sean John boutique on the city's famous Fifth Avenue in 2004 but reports suggest the shop has suffered as a result of the global economic downturn and will shut its doors for good on December 30.

A representative for the fashion range reveals Sean John executives are looking to open stores in other locations around New York and in Los Angeles. The news comes months after Combs signed an exclusive deal with department store Macy's to stock his clothing brand across the U.S.

Though he might lose his clothing store, P. Diddy has planned another investment. The rapper wants to hold a majority stake in an NFL franchise, saying "You know there aren't any black owners and I plan on being the first black owner of an NFL football team. I wanna put it out there. Not minority owners, majority owners!"