Africa’s richest man, Aliko Dangote, has expressed regret over not purchasing English football club, Arsenal, when he had the chance.
In an interview with Bloomberg’s Francine Lacqua in New York on Monday, Dangote reflected on his missed opportunity to acquire the prestigious London-based football club, which was once valued at around $2 billion.
Dangote, who is the President and CEO of the Dangote Group, revealed that his commitment to his ongoing refinery project led him to prioritize the massive infrastructure undertaking over his long-held dream of owning Arsenal.
“I think that time has passed,” Dangote said, speaking about his past discussions to buy the club. “The last time when we had this interview, I told you as soon as I finished with the refinery, I was going to try and buy Arsenal.”
The Nigerian billionaire had publicly expressed his desire to buy Arsenal as far back as 2020. At the time, Arsenal had been struggling in the Premier League, and its value was significantly lower compared to its current market worth.
However, Dangote’s refinery project in Lagos, which is the largest of its kind in Africa, took precedence and consumed much of his time and resources.
Dangote’s passion for football, and especially Arsenal, is well known. The North London club has a strong following in Nigeria, where English Premier League football enjoys widespread popularity.
As one of Arsenal’s most famous fans, Dangote’s interest in the club captured the attention of football enthusiasts across the continent.
During the interview, Dangote emphasized that the decision to hold off on purchasing Arsenal was a matter of priority. At the time, his refinery project required his full attention and considerable financial resources.
He explained that when Arsenal was valued at approximately $2 billion, he had the option to pursue the acquisition, but completing the refinery was a more pressing goal.
“When the club was valued at around $2 billion, I could have bought it,” Dangote explained. “But I wouldn’t have been able to finish my refinery project. It was a choice between finishing my project and acquiring Arsenal.”
He added, “Everything has increased in value, and Arsenal is performing exceptionally well right now, unlike when they were struggling before.”
The billionaire acknowledged that Arsenal’s current market value has skyrocketed due to its improved performance both on and off the field. Arsenal, under the management of Mikel Arteta, has enjoyed a resurgence, competing at the top of the Premier League and regaining its status as a title contender. As a result, the club’s valuation has more than doubled, making it much more expensive to acquire today.
The club is now valued at over $4 billion, a price Dangote admits he is not prepared to pay, especially with his refinery nearing completion.
“I don’t have the kind of surplus funds to purchase a club for $4 billion as a promotional venture,” Dangote said. “Buying Arsenal doesn’t make sense for me at this time.”
Despite shelving his ambitions to buy the club, Dangote remains a dedicated Arsenal fan.
“I make it a point to watch their games whenever they play, and I will continue to support them,” he said. “I will always be a dedicated fan of Arsenal.”
When asked if he regretted not buying the club when its value was lower, Dangote admitted that he does feel some regret, but he stands by his decision to prioritize the refinery project.
“I do wish I had purchased it earlier,” Dangote confessed. “But at the time, my funds were better allocated to completing my refinery project than to buying Arsenal.”
With Arsenal now worth an estimated $4 billion and performing well on the field, Dangote will remain a fan from the sidelines. His decision not to buy the club may have been influenced by financial priorities, but his love for Arsenal and his support for the team will continue.
“I will always support Arsenal, no matter what,” Dangote concluded.
