- Aliko Dangote explains why he no longer seeks to buy Arsenal FC
- Africa’s richest man regrets not acquiring the club earlier but believes he made the right choice
- The Nigerian billionaire chose to focus on his $20 billion refinery project instead
Africa’s wealthiest business magnate, Aliko Dangote, has explained his reasons for no longer pursuing a takeover of Arsenal Football Club, a dream he once publicly shared. Speaking during an interview on Bloomberg TV, Dangote acknowledged that the opportunity to acquire the Premier League giant, now valued at $4 billion, has passed.
The Nigerian billionaire explained the missed opportunity, noting that he had every intention of buying the club when Arsenal was worth around $2 billion.
However, the timing conflicted with his commitment to completing his massive $20 billion refinery project, which ultimately took precedence.
In the interview with Bloomberg’s Francine Lacqua, Dangote expressed his admiration for Arsenal and his passion for the club but admitted that the acquisition no longer made financial sense.
“I think that time has passed. The last time when we had this interview, I told you that as soon as I finished the refinery, I’m going to try and buy Arsenal.”
“The issue is that you know, everything has gone up. The club is doing very well. Arsenal is doing very well. That time, Arsenal wasn’t doing really well,” he added that he no longer had “excess liquidity” for such a monumental purchase, especially for promotional purposes.
Despite his decision not to pursue ownership, Dangote remains an ardent club fan.
“What I will do is to continue to be the biggest of Arsenal. I watch their games every day. I will remain a major supporter of Arsenal. But I think it will make sense today to buy Arsenal,” he said.
Dangote first expressed his interest in acquiring Arsenal back in 2020, but the timing of the offer didn’t align with his business ventures. He ultimately chose to channel his resources into completing his refinery project, a legacy endeavor many had doubted would ever reach fruition.
Looking back at his decision, Dangote admitted, “I regret not buying Arsenal before. But my money was needed in completing my projects than buying Arsenal. I would have bought it for $2 billion.”
His choice, however, allowed him to finalise one of the most significant industrial projects in Africa, a decision that many now see as prudent.
Dangote wasn’t alone in his interest in Arsenal. Spotify founder Daniel Ek also attempted a takeover in 2022, though his bid was unsuccessful. Had Dangote succeeded, he would have made history as the first Nigerian to own an English football club.
In hindsight, Dangote believes the best decision was to finish his refinery project rather than acquire the football club.
“The choice was to either finish my projects or go and buy Arsenal. I think the best decision was to go and complete our refineries which a lot of people didn’t believe was going to be completed,” he concluded.
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