P. Diddy is planning to buy a British soccer team.

The multi-millionaire rapper is reportedly making moves to invest in struggling London club Crystal Palace – which is currently facing bankruptcy and had 10 league points deducted after going into administration – but is also looking at other sports teams in need of a major cash injection.

A source told The Sun newspaper: "Diddy was in London meeting football fixers a couple of weeks ago. The finance is in place, he's just deciding who he thinks he'll make a bid for.

"Portsmouth – who are also in severe debt - were mentioned but he thought Palace were a better idea.

"He could cover their debt and bankroll a return to the Premier League. He liked the name as well."

A spokesperson for the star – real name Sean Combs – confirmed he is looking to invest in a soccer team, but did not confirm if the Coca-Cola Championship side were his current favourite.

The 40-year-old star – who is though to be worth almost $550 million - recently showed he is happy to splash the cash on a night out in London.

The hip-hop star amazed revellers at London's Runway club by having the DJ play a 30-minute set of his songs to signal his arrival and then insisted on having his own Sean John fragrance sprayed into the room every 20 minutes.

A source said: "All eyes were on Diddy. You could smell him coming a mile off. It was as if a king had arrived in the building - but you could hardly see him under all that mist from the perfume.

"His songs were played back-to-back for 30 minutes for his grand entrance. Girls were throwing themselves at him - it was wild."

According to onlookers, the rap star insisted on only drinking Ciroc, the upmarket brand of vodka he endorses, and continued partying right through the night.