Dangote Reveals Why He Refused to Buy Arsenal Despite Having the Money

Nigerian businessman and President of the Dangote Group, Aliko Dangote, has revealed why he abandoned plans to buy English Premier League side Arsenal F.C. despite having the financial capacity to do so.

Dangote, widely regarded as Africa’s richest man, said he was forced to choose between investing heavily in Arsenal or concentrating fully on completing the multi-billion dollar Dangote Refinery project in Lagos.

Speaking on his long-standing admiration for the North London club, the billionaire admitted that he seriously considered purchasing Arsenal years ago when the club’s valuation was still within reach.

“I’m a big Arsenal fan, yes, I nearly bought the team,” Dangote said.

He explained that at the period he considered making a move for the club, he was also deeply involved in the construction and financing of the refinery project, which later became one of the biggest industrial projects in Africa.

“When I was focused on buying Arsenal, I was also focus on the refinery get to its completion. At the time, Arsenal was worth about 2 billion dollars, so I asked myself: should I put my 2 million dollars in Arsenal and allow the business to suffer, or continue the business and continue to remain a very big supporter of Arsenal.”

According to him, the decision eventually came down to protecting his business interests and ensuring the refinery project did not suffer setbacks.

Dangote stated that rather than become the club’s owner, he chose to remain one of its loyal supporters from afar.

“So I decided to continue to support them, watch their games. Any time Arsenal plays, I always wear the jersey. I am a fan, it is better I remain as a fan and continue to fund my business,” he said.

The billionaire also noted that Arsenal’s market value has risen sharply over the years, making any possible takeover far less appealing than it once was.

“And today they are worth billions, it is not worth the while,” he said.