Former Africa’s richest man and Nigerian business mogul Aliko Dangote has given up on his dream of buying Arsenal Football Club.
In 2020, the 67-year-old expressed his intention to buy the Premier League club as one of his investment frontiers. And not only that; Dangote has been known to be a long-time die-hard fan of the London-based Football Club.
With a rich investment portfolio cutting across critical sectors of the Nigerian and African economy, he wanted to extend his frontiers into the realm of football with Arsenal a target.
However, he has now backed off from such plans. Speaking in an interview with Bloomberg, the renowned industrialist attributed his decision to Arsenal’s current market value and his depleted liquidity.
According to him, he cannot fork out £4bn to buy Arsenal again as the window which he would have bought out the club has passed.
Aliko Dangote’s comment on why he can’t buy Arsenal again
In clear terms, the multi-billion-dollar businessman stated that ‘the time to buy Arsenal has passed’ as he can’t afford to acquire the club now.
“I think the time (to buy Arsenal) has passed. The last time I spoke to you, I told you I would buy Arsenal after I finish the refinery.
“The issue is that everything has gone up. The club is doing very well now. At that time, they were not doing very well. And you know I don’t have that kind of liquidity of up $4bn to buy a club and use it as a promotional something.”
However, Dangote added he will continue as an Arsenal fan, watching their games and following up their matches.
“What I will do is to continue to be the biggest fan of Arsenal. I watch their games every day. I will remain a big supporter. But it won’t make sense today to try and buy the club,” he added.
In 2020, Arsenal’s estimated market value was $2bn. According to Dangote, he had the resources to acquire the club but chose to prioritize his refinery which cost him over £20bn.
Notably, the renowned investor recently completed and began operations at his refinery located in Lekki, Lagos, Nigeria. The multi-billion dollar oil infrastructure is expected to refine 650,000 barrels per day and is regarded as the biggest oil refinery in Africa.
It was inaugurated in May 2023 and has resumed operations in September 2024. According to the business mogul, he preferred investing in the refinery instead of buying Arsenal.
Who is Aliko Dangote?
Aliko Dangote is a Nigerian investor and business mogul. Born in April 1957, Dangote is renowned for being the owner of the largest business conglomerate in Africa – the Dangote Group. With investment interests in cement, salt, oil and gas, and salt, the conglomerate boasts over 30,000 employees and has an estimated market cap of $45bn.
Aliko Dangote’s net worth
According to Forbes, Dangote’s estimated net worth in 2024 is $11.7bn. In 2023, he was ranked the richest businessman in Africa but was recently displaced at the top by 74-year-old South African businessman Anton Rupert, with an estimated net worth of $14.3bn.
Who are the owners of Arsenal Football Club?
Arsenal is currently owned by American billionaire investor Stan Kroenke. Kroenke runs the Premier League club through his investment franchise – Kroenke Sports and Entertainment.
According to Forbes, Kroenke’s estimated net worth is $16.9bn. The Missouri-born business mogul also has investments in American sports teams such as Denver Nuggets, Los Angeles Gladiators, Colorado Rapids, and more.
Stan Kroenke began his journey to becoming Arsenal owner in 2011 by being a major shareholder at the club, owning 62% of the shares. In 2018, he completed a full takeover of the club.
Arsenal’s estimated market value since 2021
Arsenal have witnessed a steady growth in the club’s market value recently. The club’s estimated growth rate over the past three years is 15%. In 2021, it was estimated at $2.8bn but dropped to $2.3bn in 2022. Since 2022, the club’s valuation has risen steadily. It was $2.3bn in 2023 and currently $2.6bn, per Forbes.
