AceShowbiz - P. Diddy made no secret of his desire to regain the ownership of Sean John, the clothing line he founded in 1990s, after the parent company went bankrupt. The rap mogul finally got his wish to become the sole owner of the fashion brand after winning the bidding war.

He reportedly beat four other bidders after coughing up $7.5 million in cash. Rumor has it, he initially made a $3.3 million offer early this month.

"I launched Sean John in 1998 with the goal of building a premium brand that shattered tradition and introduced Hip Hop to high-fashion on a global scale," Diddy issued a statement following the purchase. "Seeing how streetwear has evolved to rewrite the rules of fashion and impact culture across categories, I'm ready to reclaim ownership of the brand, build a team of visionary designers and global partners to write the next chapter of Sean John's legacy."

In February this year, the rapper waged war against the owners of the company for allegedly using his image to promote the brand without his permission.

Diddy filed a $25 million lawsuit against bosses at Global Brands Group USA, claiming they used his name and likeness to promote a recent collaboration with British women's retailer, Missguided, and even reportedly provided fake quotes from the star expressing his support for the womenswear range.

The hip-hop artist, who sold his majority stake to GBG in 2016, insisted he knew nothing about the deal and was in no way involved.

In the legal papers, filed in New York, his lawyer stated, "The SJ/Missguided Agreement was entered into without Mr. Combs's knowledge, approval, or consent. And Mr. Combs has never endorsed the GBG Collection, which is branded 'sean john x missguided' and 'Sean John x Missguided.' "

"Mr. Combs has neither granted Defendants the right to use his name, image, likeness, or persona in conjunction with the GBG Collection, nor has he agreed to make a public statement or appearance in support of the GBG Collection."