American hip-hop legend Diddy has admitted he considered stepping in to buy cash-strapped Crystal Palace FC earlier this year.

The rap mogul, who is reputedly worth £360m, was said to be in the market for an English football team and favoured a bid for The Eagles because he liked the name.

He said: “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.

“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.

“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 club was saved from liquidation two weeks ago when fans consortium CFPC 2010 agreed to buy the Championship side and their Selhurst Park ground.