Africa’s richest man, Aliko Dangote, has revealed why he abandoned plans to buy Premier League club Arsenal and instead focused on completing his $20 billion Lagos mega-refinery.
Long-standing Arsenal admirer
Dangote, a staunch Arsenal fan since the 1980s, had been linked with a potential takeover of the North London club for more than a decade.
In 2011, the Nigerian billionaire expressed interest in acquiring a 15.9 per cent stake in Arsenal, which was eventually sold to American businessman Stan Kroenke for £123 million by Lady Nina Bracewell-Smith.
Read Also: Aliko Dangote reflects on missed $2bn opportunity to buy Arsenal
At the time, Kroenke already owned a majority stake in Arsenal Holdings plc, while Russian-Uzbek billionaire Alisher Usmanov also held a significant share in the club.
‘I almost bought Arsenal’
Speaking during a podcast interview with Nicolai Tangen, chief executive officer of Norges Bank Investment Management, Dangote admitted he was forced to choose between buying Arsenal and completing his refinery, fertiliser and petrochemical projects.
“I almost bought the club, yes,” Dangote said during the interview published on YouTube.
“When I was focused on buying Arsenal, I was also facing the challenge of completing the refinery, our fertiliser and petrochemical firm.”
According to Dangote, Arsenal was valued at about $2 billion at the time he seriously considered a takeover.
“At that time, Arsenal was worth just about $2 billion. Should I put my $2 billion into Arsenal and now allow the business to suffer? Or should I complete the business?” he said.
Refinery project took priority
The Nigerian billionaire explained that he eventually decided to prioritise his industrial investments rather than divert funds into football ownership.
“So I decided to continue to support them and watch their games. Any time Arsenal plays, I always wear the jersey signed for me by the captain,” he added.
“I’m a fan. It’s better for me to continue as a fan and continue to fund my own business.”
Arsenal valuation now too high
Dangote also admitted that Arsenal’s current valuation now makes a takeover unrealistic from a business perspective.
According to Forbes, Arsenal are currently valued at approximately $3.4 billion, ranking among the world’s most valuable football clubs.
“Today, they are worth billions, and it’s not worth my while at all,” Dangote concluded.
Dangote had previously hinted at his desire to buy Arsenal during a 2020 interview with American financier David Rubenstein, stating that he planned to pursue the club after completing his refinery project.
Africa’s biggest industrial project
Dangote’s Lagos refinery, estimated to be worth around $20billion, is regarded as one of Africa’s largest industrial projects and remains a cornerstone of his business empire.
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