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The Nigerian billionaire has halted plans to buy the Premier League club and will continue cheering the Gunners from the sidelines.
Africa's richest man and CEO of the Dangote Group, Alh. Aliko Dangote, has publicly shelved his ambitions to purchase Premier League club Arsenal.
In a candid interview with Bloomberg, Dangote expressed regret over not acquiring one of the richest clubs in England, when its valuation was approximately $2 billion.
With Arsenal's recent successes and growing financial stature—now valued at around $2.6 billion—Dangote acknowledges the shift in circumstances that has rendered his dream unattainable.
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"I think that time has passed," he remarked, emphasizing the importance of his current investments, particularly in his refinery project.
“The last time when we had this interview, I told you as soon as I finish with the refinery, I am going to try and buy Arsenal.
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“But you know everything has gone up and the club too is doing very well, Arsenal is doing extremely well right now. That time Arsenal wasn’t doing well.
“I think I don’t have that kind of excess liquidity to go and buy a club for $4 billion so to speak and use it as a promotional something.
“But what I will do is to continually be the biggest fan of Arsenal. I watch their games anytime they are playing. So, I will remain a major supporter of Arsenal but I don’t think it makes sense today to buy Arsenal.’
When asked if he regretted not buying when Arsenal’s value was lower, he said,
“Actually, I regret not buying it before but you know my money was more needed in completing my project (Dangote refinery) than buying Arsenal. I would have bought the club for $2 billion but you know I wouldn’t have been able to finish my project. So, It was either I finish my project or go and buy Arsenal.”
Dangote’s financial realities and future aspirations
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Despite his deep-rooted passion for the club, which he describes as being a "major supporter," Dangote cited a lack of "excess liquidity" to proceed with such a high-stakes purchase.
With Arsenal's strong performance and increased valuation, Dangote stated that a potential investment would exceed his initial financial commitment.
Instead of pursuing ownership, Dangote remains focused on the completion of his refinery project in Nigeria, underscoring the priority of securing his business empire over football aspirations.
Dangote had in 2020 made known his intention to go for the North London club after his refinery project.
The billionaire business mogul, who has now rested his ambition to take over at Emirates Stadium, founded the Dangote Group — the largest conglomerate in West Africa, in 1981.
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According to Forbes’ soccer team valuation list, Arsenal, owned by one of the world’s richest football team owners - Stan Kreonke, is currently worth $2.6 billion as of 2024, with an operating income of $140 million, and annual revenue of $560m.
The Gunners finished second twice in the last two seasons in the Premier League, boosting their revenue significantly.
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