Africa’s richest man, Alhaji Aliko Dangote, has officially ended his long-standing ambition to purchase Premier League club Arsenal, citing changing financial priorities and the club’s increased valuation.
In a recent interview with Bloomberg, the CEO of the Dangote Group expressed his regret at missing the opportunity to buy the club when its valuation was around $2 billion.
Reflecting on the missed chance, Dangote stated, “I think that time has passed.”
The Nigerian billionaire, with a net worth of over $13 billion, acknowledged that Arsenal’s current valuation of $2.6 billion, combined with the success of his refinery project in Nigeria, shifted his focus from football to business.
Back in 2020, Dangote had expressed his intention to buy Arsenal after completing his multi-billion-dollar refinery project. However, with the club’s rising value and its recent improved performance, Dangote has decided to stay on as a passionate supporter rather than pursue ownership.
“Arsenal is doing extremely well right now… I don’t have the excess liquidity to spend $4 billion on buying a club,” he remarked.
Despite his enduring love for the club, Dangote emphasized that completing the Dangote Refinery project, which is now operational, took precedence over acquiring Arsenal. He admitted,
“I could have bought the club for $2 billion, but I wouldn’t have been able to finish my project.”
Arsenal, owned by American billionaire Stan Kroenke, has experienced significant financial growth, finishing second in the Premier League for two consecutive seasons and raising their annual revenue to $560 million.
While Dangote’s plans to own Arsenal are no longer in motion, his loyalty to the club remains strong.
“I will continue to be a major supporter of Arsenal… but buying the club today just doesn’t make sense,” he concluded.
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