Diddy is the proud owner of his clothing brand again — being reunited with his Sean John line after buying it out of bankruptcy for a steal.

The rap mogul won the rights to Sean John after a bidding war with 4 other parties … claiming it for about $7.5 million, cash. The deal will be finalized this week, barring any objections — and safe to say, the guy’s pretty excited about it.

He tells TMZ … “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 adds, “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.”

Like we told you … the SJ line fell into bankruptcy recently under management firm GBG USA Inc., which had owned 90%. When word of its assets being up for grabs reached Mr. Combs, he’d expressed interest in gaining control once again, especially considering how cheap it was going for earlier this month.

Diddy, via his company, threw down an initial bid of $3.3 mil — but after some back and forth among others who were interested, he ended up settling for over double that. Still … it’s a helluva deal, especially if he can breathe new life into the threads.

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