Billionaire industrialist Aliko Dangote has explained why he never went through with a bid for Arsenal, saying the completion of his Dangote Refinery mattered more than any chance to become a club owner.
Key takeaways
- Dangote said his decision not to buy Arsenal came down to priorities behind the Dangote Refinery.
- He revealed he was close to purchasing the club when it was valued at roughly $2 billion.
- Dangote chose to remain a supporter rather than take an ownership role.
- He noted Arsenal’s valuation has grown significantly since that period, making a deal unattractive now.
Refinery goal outweighed football ambition
In an interview with Nicolai Tangen, the chief executive of Norges Bank Investment Management, Dangote said he considered making a move at a time when Arsenal’s estimated value stood around $2 billion.
He said the key issue was whether putting that money into the club would undermine his wider business plans, particularly the push to finish the refinery. Dangote framed the decision as a choice between investing in Arsenal and safeguarding the refinery’s progress.
“Should I buy Arsenal or keep the business moving?”
Dangote, who described himself as a major Arsenal fan, said: “I’m a big Arsenal fan. Yes, I nearly bought the team.” He added that while he was considering an acquisition, he was simultaneously focused on completing the refinery.
He explained that with Arsenal valued at about $2 billion at the time, he questioned whether to allocate his $2 billion to the club and risk damaging the business—or to continue driving the business forward while remaining a committed supporter.
Backed Arsenal as a fan, not an owner
Dangote said he decided to keep supporting Arsenal from the stands rather than from the boardroom.
He said he continues to watch the team’s matches and that whenever Arsenal play, he wears the jersey. In his view, remaining a fan was the better route, allowing him to continue funding his business without splitting focus.
Arsenal’s rising valuation ended the idea
Dangote also pointed out that Arsenal’s valuation has increased sharply since he first considered an investment, meaning any potential purchase would no longer make sense.
He said that today the club is worth far more and that, as a result, it is “not worth it” to pursue an acquisition at the current level.
