The rapper, who reportedly was briefly interested in the debt-stricken south London team in March, told BBC Sport that “it just wasn’t the right business move for me at the time”.
He added that he’s still on the lookout for a top-flight club though.
“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,” he said. “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.”
P Diddy is set to release his new single ‘Hello Good Morning’, with new band Diddy – Dirty Money, on Monday (June 21).
He recently performed live with Arctic Monkeys’ drummer Matt Helders in his band.