Nigerian billionaire businessman Aliko Dangote has again shared the reason he no longer intends to pursue his long-held ambition to purchase the English football club, Arsenal.
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.
The business mogul added that he does not have the excess liquidity to justify spending $2 billion on a football club solely for promotional purposes.
Dangote made the disclosure while speaking in an interview with CEO of Norges Bank Investment Management, Nicolai Tangen.
“I’m a big Arsenal fan, yes, I nearly bought the team,” Dangote said.
“When I was focused on buying Arsenal, I was also focus on the refinery get 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 very big 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, watch their games. Any time Arsenal plays, I always wear the jersey. I am a fan, it is better I remain as a fan and continue to fund 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.
