Nigerian billionaire Aliko Dangote has expressed regret over missing the opportunity to purchase Arsenal when the club’s valuation was significantly lower.
Dangote, who is the President and Chief Executive Officer (CEO) of Dangote Group revealed that he wished he had acquired the London club when it was valued at approximately $2 billion.
In an interview with Bloomberg’s Francine Lacqua in New York, he revealed that his commitment to his refinery project prevented him from making the investment.
“I think that time has passed,” he stated. “Last time we spoke, I mentioned that as soon as I finish with the refinery, I would try to buy Arsenal. However, everything has increased in value since then, and Arsenal is performing exceptionally well right now. At that time, the club was not in a good place.”
Dangote admitted that he currently lacks the excess liquidity to invest $4 billion in a football club, stating, “I will continue to be Arsenal’s biggest fan. I watch their games whenever they play. However, I don’t think it makes sense for me to buy the club today.”
When asked if he regretted not investing when Arsenal was less valued, he acknowledged, “I actually regret not buying it earlier, but my financial resources were primarily needed to complete my project (the Dangote refinery). I could have purchased the club for $2 billion, but that would have hindered my ability to finish my refinery project. It was either completing that or buying Arsenal.”
In 2020, Dangote announced his intention to pursue ownership of the North London club after completing the refinery. As the richest person in Africa, he founded Dangote Group in 1981, which has grown into the largest conglomerate in West Africa.