Like any self-respecting Hip-Hop entrepreneur, P. Diddy already has his own record label. He has his own TV shows, clothing line, fragrances, vodka and car rims, too. The obvious next addition to his empire is a soccer team.

The rapper/music mogul has shown interest in purchasing one of two struggling British “football clubs”: the London-based Crystal Palace and the South England team Portsmouth. According to the Web site Music Rooms, Diddy is leaning toward buying Crystal Palace because he can cover the team’s debt. Oh, and because he likes the name.

He is known to be a fan of expensive Cristal champagne, which costs over £100 a bottle.

(via Music Rooms)

“Cristal” Palace? Now that’s a good name! It seems everything Diddy touches turns to gold, so why doubt his ability to rebuild a second-tier British soccer team into the next Manchester United?

Plus, buying a beleaguered sports team seems to be a trend among the rich and famous. Michael Jordan yesterday became the first former player to be a majority team owner in the NBA after throwing a $275 million bid for the up-and-coming Charlotte Bobcats.

"Purchasing the Bobcats is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise,” Jordan said in a statement. “I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina."

(via HipHop Wired)

The purchase is doubly historic: it makes Jordan the second black majority owner of a major U.S pro sports team. In exchange, Jordan assumes about $150 million of the team’s debt. But he can always foot the bill by selling more shoes.