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Page last updated at 05:10 GMT, Wednesday, 16 June 2010 06:10 UK

Rapper Diddy rejected Crystal Palace takeover

Diddy and Wayne Rooney in 2006
Diddy, pictured with Man Utd's Wayne Rooney in 2006, wants to buy a team

American rap star Diddy, formerly known as P Diddy and Puff Daddy, has revealed that he considered buying beleaguered Championship club Crystal Palace.

"There was somebody that had looked at it but the business of it just wasn't the right business move for me at the time," the entertainer told the BBC.

Crystal Palace were on the brink of liquidation until they were bought by a consortium named CPFC 2010 last week.

But Diddy said he was still on the lookout for a football club.

"I'm always looking into different business ventures and it's definitely one of my dreams one day to be a part of a sports franchise, especially a football team," he said.

"If the right situation comes my way and it's appealing and we can make the right splash and most importantly build the right team and win... I'm into winning and if it's the right situation then I'm open to it."

The rap mogul earns an estimated £21m ($30m) a year, according to Forbes magazine.

He will soon be seen starring alongside Russell Brand in the movie Get Him To the Greek, which is out in the UK on 25 June.

He is also relaunching his music career by forming a new group called Diddy - Dirty Money, who release their debut single Hello Good Morning on Monday.

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