Aliko Dangote, has disclosed why he withdrew plans of acquiring English Premier League club Arsenal because he needed the funds to complete his $20 billion refinery project in Lagos.
He made the disclosure in a podcast interview with Nicolai Tangen, Chief Executive Officer of Norges Bank Investment Management, released on Wednesday via the firm’s official YouTube channel.
Dangote, who is Founder and Chief Executive Officer of the Dangote Group, said Arsenal was valued at about $2 billion at the time he was seriously considering a takeover, but chose to redirect the capital into his business.
“When I was really very, very focused on buying Arsenal, then I was also facing the challenge of making sure the refinery gets its own completion, the fertilizer, the petrochemical.
“At that time, Arsenal was worth just about $2 billion. Should I put my $2 billion in Arsenal and now allow the business to suffer? Or should I complete the business? Then I can continue to remain a very big supporter of Arsenal,” he said.
He said he ultimately resolved to remain a fan rather than a club owner, adding that Arsenal’s current valuation had made the acquisition even less viable.
“Today they are worth billions and it’s not really worth my while at all,” he said.
Dangote said he still follows the club closely and wears the jersey on matchdays, including one signed by the team’s captain.
“Any time that they are playing, I always wear the t-shirt,” he said.
On his message to young Africans, Dangote urged hard work and continental pride.
“My own advice to young African people is to work hard and also have the belief that the future is greater than the current situation that we’re in. Africa is a promising land and they should stay at home,” he said.
Dangote has been publicly linked to an Arsenal takeover for over 15 years.
A supporter of the club since the 1980s, he was first connected to a possible minority stake purchase in 2010 and told the BBC in 2015 that he planned a full takeover bid once his refinery provided the necessary liquidity.
He reiterated the ambition repeatedly through 2020, telling American financier David Rubenstein that year: “It is a team that, yes, I would like to buy some day… I’m not buying Arsenal right now, I’m buying Arsenal when I finish all these projects.”
