Aliko Dangote Explains Why He Abandoned Plans to Buy Arsenal: ‘It’s Not Worth My While’

Nigerian billionaire Aliko Dangote, widely recognised as Africa’s richest man, has publicly addressed why he ultimately stepped back from pursuing ownership of Arsenal, a club he has supported since the 1980s. Speaking in a recent interview with Nicolai Tangen, Dangote confirmed he came close to acquiring the Premier League side but chose to direct his capital elsewhere.

“I almost bought the club, yes,” Dangote said. “When I was focused on buying Arsenal, I was also facing the challenge of completing the refinery, our fertilizers, and the petrochemical firm.”

The billionaire’s interest in Arsenal stretches back more than a decade. In 2011, Dangote considered acquiring a 15.9% stake in the club, a share that was eventually purchased by American businessman Stan Kroenke. At the time, Dangote indicated that the valuation expectations of those looking to sell were unrealistic. “There were a couple of us who were rushing to buy, and we thought with the prices then, the people who were interested in selling were trying to go for a kill,” he said in 2011, adding: “We backtracked because we were very busy doing other things, especially our industrialisation.”

When the opportunity to acquire Arsenal arose again at a later stage, Dangote was confronted with a stark financial decision. “When I looked at it, it looked fine, but I needed funds. At the time, Arsenal was worth about two billion dollars,” he explained, as cited via Soccernet. “Do I put my money in Arsenal and allow the business to suffer? Or do I complete the buildings and come back to be an Arsenal supporter?”

Dangote chose the latter, opting to see through his industrial commitments rather than enter football ownership. “I decided to keep supporting, watch games, go there. I have a scarf and the shirt, and whenever they play, I wear it,” he said. “It’s better for me to continue as a fan and continue to fund my own business. Today, they’re worth billions and it’s not worth my while at all.”

According to Forbes, Arsenal are currently valued at $3.4 billion, making them the eighth most valuable football club in the world, with an operating income of $173 million. That figure represents a significant increase from the approximately $2 billion valuation Dangote cited when he was weighing up the purchase, illustrating how rapidly the club’s worth has grown in recent years.

Stan Kroenke, who acquired the 15.9% stake that Dangote and others had considered in 2011, has since consolidated his position as the club’s majority shareholder. The American businessman completed a full buyout of Arsenal in 2018, taking the club private and removing it from the stock exchange.

Dangote’s Dangote Refinery, located in Lagos, is the largest single-train petroleum refinery in the world by capacity and represents one of the most significant infrastructure investments in African history. The project consumed years of planning, financing, and construction, and its completion placed considerable demands on Dangote’s resources during the same period he was considering the Arsenal acquisition.

The billionaire’s candid reflection highlights the broader tension that ultra-high-net-worth individuals often face when weighing passion-driven investments against core business priorities. With Arsenal’s valuation having risen well beyond the $2 billion figure he referenced, Dangote acknowledged that the financial calculus has shifted significantly, describing a potential purchase at current prices as no longer worthwhile from his perspective.