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But Jay-Z, who co-owns basketball team the New Jersey Nets, insists he will have to play an active role in Arsenal if he's to clinch the deal.

He says, "(Wife Beyonce and I) would have to spend much more time in London. Bey knows how much I love sports and has known about my interest in Arsenal for a while.

"I never want to be a back-seat investor. I want to be on the board, involved in the decision-making... I'm at the stage of my career where I am ready for another investment like this. I have really got into soccer over the last 10 years and I've been saying for some time I want a percentage of Arsenal."