Aliko Dangote has revealed the real reason he abandoned his multi-billion dollar bid to buy Arsenal.
Africa’s richest man explains how funding his massive Lagos refinery forced him to remain a fan rather than becoming a Premier League owner.
Nigerian billionaire Aliko Dangote, Africa’s wealthiest individual, has revealed the reasons behind his decision not to pursue his long-held ambition of purchasing his beloved football club, Arsenal.
Dangote, who had spoken about the Gunners in the past, a devoted supporter of the Gunners since the 1980s, has been linked with a potential takeover for over a decade.
His interest first became public in 2011 when he considered acquiring a 15.9% stake in the club, which was ultimately sold to American businessman Stan Kroenke.
At the time, Dangote felt the asking price was too high. “There were a couple of us who were rushing to buy, and we thought with the prices then, the people who were interested in selling were trying to go for a kill,” he stated in 2011.
In a recent interview with Nicolai Tangen, via Soccernet, Dangote elaborated on the difficult choice he faced. He explained that his focus was divided between his passion for Arsenal and the monumental task of completing his refinery, fertilizer, and petrochemical projects.
The billionaire detailed the financial dilemma he confronted. “When I looked at it, it looked fine, but I needed funds. At the time, Arsenal was worth about two billion dollars,” he said.
Ultimately, Dangote chose to prioritise his industrial ventures. “I decided to keep supporting, watch games, go there. I have a scarf and the shirt, and whenever they play, I wear it,” he shared.
According to Forbes, Arsenal is currently the eighth most valuable football club in the world, with a valuation of $3.4 billion and an operating income of $173 million.