Sean Combs, otherwise known as the multi-millionaire rapper P Diddy, is planning to spend some of his £360million fortune on the currently bankrupt football team Crystal Palace, reports The Sun.

Diddy’s UK spokesman confirmed that he will indeed is in the market for Crystal Palace. He also added that the Bad Boy Records owner has his eye on another footie team too.

A source said: "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 was 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."

The club is apparently facing relegation from the Coca-Cola Championship after having ten points taken away for going into administration.