Nigerian billionaire and Chairman of Dangote Group, Aliko Dangote, has explained why he chose not to pursue his long-held ambition of buying Arsenal F.C., saying he decided to focus his resources on completing the Dangote Refinery instead.
Speaking in an interview with the CEO of Norges Bank Investment Management, Nicolai Tangen, Dangote said he came close to making a move when Arsenal was valued at about $2 billion but ultimately concluded that investing in his refinery project was the wiser decision.
“I’m a big Arsenal fan; yes, I nearly bought the team,” Dangote said.
“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 loyal 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 and watch their games. Any time Arsenal plays, I always wear the jersey. I am a fan; it is better for me to remain a fan and continue funding 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.
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