Mr Dangote believes that prioritising completing his refinery over buying Arsenal was the best decision
Nigerian business mogul Aliko Dangote has revealed why he no longer considers purchasing English Premier League club Arsenal a viable investment.
The North London club is currently valued at approximately $4 billion, a price tag Dangote says he cannot justify.
In an interview with Bloomberg TV in New York on Monday, Mr Dangote explained that the opportunity to buy the club has passed.
"I think that time has passed," he stated. "The last time we had this interview, I told you that as soon as I finished the refinery, I'm going to try and buy Arsenal."
Mr Dangote cited the club's improved performance and his liquidity constraints as reasons for his change of heart. "Arsenal is doing very well. That time, Arsenal wasn't doing well. I don't have that kind of excess liquidity to go and buy a club for $4 billion... and use it just as a promotional something."
Instead, Mr Dangote will continue to support Arsenal as one of its biggest fans. "I will remain a major supporter of Arsenal. But I don't think it will make sense today to buy Arsenal."
The billionaire entrepreneur also highlighted the difficult choice he faced between investing in the $20 billion Dangote refinery or spending $2 billion to acquire the football club.
"I regret not buying Arsenal before. But my money was needed in completing my projects rather than buying Arsenal."
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Better choice
Mr Dangote believes that prioritising the refinery was the best decision.
"The choice was to either finish my projects or go and buy Arsenal. I think the best decision was to go and complete our refineries, which a lot of people didn't believe was going to be completed."
Mr Dangote's interest in buying Arsenal dates back to 2020 when the then-struggling club was valued at around $2 billion.
At the time, many questioned his decision to invest in a foreign club instead of supporting local Nigerian teams.
Despite not purchasing any local club, Mr Dangote has contributed to sports development in Nigeria.
Through the Adopt-a-Pitch initiative by the former Minister for Youths and Sports Sunday Dare, Mr Dangote helped refurbish the Abuja National Stadium, now known as the M.K.O Abiola Stadium.
