Is an F1 Team Next for Diddy

The wacky world of Formula 1 is atwitter with the gossip that rapper Diddy may buy an F1 team as his next big impulse purchase.

At least that's what he told guests at a champagne-soaked reception to launch his new fragrance, Unforgivable, according to Britain's Times Online.

During the party, held at a tony restaurant on St. James's Street, Diddy reportedly huddled for much of the evening with rookie F1 ace Lewis Hamilton before making his unexpected announcement.

According to the restaurant, the bash cost $300,000 — $200,000 of which was spent on bubbly.