Nigerian billionaire Aliko Dangote has revealed why he shelved his long-standing ambition to acquire Arsenal F.C.
In an interview with Nicolai Tangen, CEO of Norges Bank Investment Management, Dangote said he set aside his long-term goal so he could focus his resources on completing the Dangote Refinery.
Dangote said he almost made an offer when Arsenal was worth about $2 billion, but he decided it was smarter to invest in his refinery project instead.
Dangote said, “I’m a big Arsenal fan, yes, I nearly bought the team.
“When I was focused on buying Arsenal, I was also focused on the refinery getting 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?”
Dangote said he opted to keep backing the club as a supporter rather than as an owner.
“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 added that the club’s value has risen significantly since then, making a takeover far less attractive.
“And today they are worth billions, it is not worth the while,” he said
