Is Diddy leaning toward buying a football team? According to U.K.’s Daily Mirror, the rap mogul who has invested his money in a lot of business ventures is aiming to branch out into sports with the purchase of London’s Cristal Palace Football Club, which went into bankruptcy earlier this year.

Sources have said that the rapper was in London a few weeks ago to meet with football fixers that would help him seal the deal. “The finance is in place, he’s just deciding who he thinks he’ll make a bid for…but he thought Palace were a better idea,” representatives for Diddy said.

Founded in 1905, the team has recently been struggling with financial difficulties, subpar player performances and administrative issues. If the team does not solve its financial burden it will be demoted into the second division of the English Premiere League.

The 40-year-old entrepreneur who is thought to be worth almost USD550 million will reportedly make a £360 million bid for the South London team.

The rapper will add his name to a list of rap impresarios that includes Jay-Z, who in 2005 tried to invest in the lucrative soccer business in Europe. While his soccer ambitions are unclear, Diddy will cover the team’s debt and eventually bankroll a potential return if the deal goes through. He will also become the first U.S. hip hop rapper to own a European soccer team.

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