Aliko Dangote reflects on missed $2bn opportunity to buy Arsenal

Africa’s business mogul, Aliko Dangote, Chairman of Dangote Group, has expressed regret over his decision not to purchase Premier League club Arsenal for $2 billion in the past, as the club is now valued at approximately $4 billion.

In 2020, Dangote announced his intention to acquire the North London club after completing his refinery project. However, in a recent interview on Bloomberg TV in New York, the billionaire acknowledged that the “time has passed” for him to buy Arsenal.

As of September 2024, Dangote is the second-richest person in Africa, with an estimated net worth of $13.4 billion. Johann Rupert, with a net worth of $14.3 billion, currently holds the title of Africa’s richest person.

Dangote, founder of Dangote Group—the largest conglomerate in West Africa—explained that he no longer has the liquidity to justify spending $4 billion on Arsenal, noting that such an investment would not be financially practical purely for promotional purposes.

“I think that time has passed,” Dangote said. “The last time we had this interview, I told you that, yes, as soon as I finished with the refinery, I was going to try and buy Arsenal. But the issue is that everything has gone up. The clubs are all doing well, and Arsenal is doing extremely well now. At that time [when I wanted to buy], they were not doing very well.”

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He emphasized that investing in his refinery project was the right decision at the time. “I regret not buying Arsenal before. But my money was needed to complete my projects rather than buying Arsenal. I would have bought it for $2 billion, but I wouldn’t have been able to finish my project.”

Despite resting his ambition to own the club, Dangote remains a devoted Arsenal supporter. “I’ll continue to be the biggest fan of Arsenal. I watch their games every time and will remain a major supporter, but I don’t think it makes sense today to buy Arsenal.”

Reflecting on his decision, Dangote added, “Actually, I regret not buying Arsenal before, but completing my project was the right move.”

Ranked 158th on the Forbes Billionaires List, Dangote, who hails from a wealthy family, has long been an influential figure in Africa’s business landscape.