Jay-Z's 40/40 Clubs Still In A Holding Pattern

Jay-Z: Waiting for the 40/40 Club's encore.

Yesterday, news outlets reported that Jay-Z is set to bring his 40/40 Club chain to London sometime in the coming year. The deal, a partnership with Chelsea soccer star Ashley Cole, was described as a "multi-million pound" agreement.

The club is supposed to be ready by the start of the 2012 Summer Olympics, according to 40/40 spokesperson Ron Berkowitz. But don't start queuing up to get into the nightclub just yet.

Though Jay-Z's business smarts are ...