Aliko Dangote, Africa’s wealthiest man, has conceded defeat in his aspirations to purchase Premier League club Arsenal, citing a significant increase in the team’s value while he focused on completing Africa’s largest oil refinery.
A passionate Arsenal supporter, Dangote expressed interest in acquiring the club in 2019, stating he would consider it after finishing his $20 billion refinery project near Lagos, Nigeria, which has the capacity to produce 650,000 barrels per day. This year, the refinery has begun producing diesel, jet fuel, and refined gasoline.
Reflecting on his decision, Dangote told Bloomberg Television in New York on Monday, “I regret not buying it earlier, but my funds were tied up in the project at that time. I don’t have the kind of excess liquidity needed to purchase a club for $4 billion,” which he believes is Arsenal’s current market valuation. He noted that he could have acquired the club for $2 billion a few years ago.
Arsenal is currently owned by American billionaire Stan Kroenke, whose son, Josh, plays an active role in the club’s operations. There have been no indications that Kroenke intends to sell, and in 2021, Spotify founder Daniel Ek, also a fan of Arsenal, had his purchase offer rejected.
Despite his dashed hopes of owning the club, Dangote maintains that completing the refinery was the right choice, recognizing its importance to Nigeria. The refinery is expected to reduce the country’s dependency on imported fuel and help eliminate a subsidy that costs billions annually.
He believes that the savings from reduced gasoline imports will enhance supply and strengthen Nigeria’s currency, the naira, which has suffered a 70% devaluation since last year’s reforms aimed at boosting foreign investment.
“The best decision was to finish our refinery,” Dangote asserted. “I will continue to be a dedicated supporter of Arsenal.”
The Gunners have finished as runners-up to Manchester City for the past two seasons, with manager Mikel Arteta striving to secure the club’s first Premier League title since 2004.
Source: bnnbloomberg.ca
