Nigerian business magnate Aliko Dangote has officially ruled out purchasing English Premier League club Arsenal, citing the club’s current $4 billion valuation as financially unjustifiable.
The billionaire entrepreneur, who had previously expressed interest in acquiring the North London club, shared his revised stance during an interview with Bloomberg TV in New York on Monday.
Dangote, widely recognized as Africa’s wealthiest individual, candidly addressed the shift in his investment priorities. “I think that time has passed,” he stated, referring to his earlier intentions to buy Arsenal. “The last time we had this interview, I told you that as soon as I finished the refinery, I’m going to try and buy Arsenal.”
The Nigerian tycoon pointed to Arsenal’s improved on-field performance and his own liquidity constraints as key factors influencing his decision.
“Arsenal is doing very well. That time, Arsenal wasn’t doing well. I don’t have that kind of excess liquidity to go and buy a club for $4 billion… and use it just as a promotional something,” Dangote explained.
Despite stepping back from potential ownership, Dangote affirmed his continued support for the club.
“I will remain a major supporter of Arsenal. But I don’t think it will make sense today to buy Arsenal,” he said.
Dangote’s interest in Arsenal dates back to 2020 when the club’s valuation hovered around $2 billion.
At that time, Arsenal was struggling both on and off the pitch, making it a potentially attractive investment opportunity.
However, the club’s recent resurgence under manager Mikel Arteta, coupled with broader financial trends in football, has seen its value skyrocket to the current $4 billion mark.
The billionaire also shed light on the challenging decision he faced between investing in his $20 billion Dangote refinery project and allocating $2 billion for the potential Arsenal acquisition.
“I regret not buying Arsenal before. But my money was needed in completing my projects rather than buying Arsenal,” Dangote reflected.
Ultimately, Dangote believes prioritizing the refinery project was the correct choice.
“The choice was to either finish my projects or go and buy Arsenal. I think the best decision was to go and complete our refineries, which a lot of people didn’t believe was going to be completed,” he stated.
While Dangote hasn’t invested in local football clubs, he has contributed to Nigerian sports development.
Notably, he helped refurbish the Abuja National Stadium (now M.K.O Abiola Stadium) through the Adopt-a-Pitch initiative.”
