Africa’s richest man, Alh. Aliko Dangote, has officially put an end to his long-held ambition of purchasing Premier League club Arsenal, citing shifting financial priorities and the club’s increased valuation. In a recent interview with Bloomberg, the CEO of the Dangote Group expressed regret for not acquiring the club when its valuation was around $2 billion.
Reflecting on the missed opportunity, Dangote explained, “I think that time has passed.” The Nigerian billionaire, whose net worth is estimated at over $13 billion, noted that Arsenal’s current valuation of $2.6 billion and the success of his refinery project in Nigeria led him to prioritize his business over football aspirations.
In 2020, Dangote had expressed a desire to buy Arsenal once his multi-billion-dollar refinery project was completed. However, with the club’s rising value and improved performance, Dangote has decided to remain a passionate supporter from the sidelines rather than pursue ownership. He remarked, “Arsenal is doing extremely well right now… I don’t have that kind of excess liquidity to go and buy a club for $4 billion.”
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Despite his deep passion for the club, Dangote emphasized that completing his Dangote Refinery project, which has already begun operations, was more critical than purchasing Arsenal. “I would have bought the club for $2 billion, but I wouldn’t have been able to finish my project,” he admitted.
Arsenal, owned by American billionaire Stan Kroenke, has seen significant financial growth after finishing second in the Premier League in back-to-back seasons, increasing their annual revenue to $560 million.
While Dangote’s dreams of owning Arsenal have been shelved, his loyalty remains intact. “I will remain a major supporter of Arsenal… but it doesn’t make sense today to buy Arsenal,” he concluded.
