Nigerian billionaire and President of the Dangote Group, Aliko Dangote, has revealed why his long-discussed plan to buy Arsenal never materialized.
The business magnate stated that although he came close to purchasing the North London club years ago, he ultimately decided to focus on completing his large-scale industrial projects in Nigeria rather than devote billions to owning a football club.
Dangote claimed the timing coincided with the construction of his petrochemical, fertilizer, and refinery enterprises, all of which required substantial financial support.
The News Chronicle reports that Dangote confessed he had explored purchasing Arsenal when the team was worth roughly $2 billion. But he thought the price shareholders were asking at the time was too high, and the size of his commercial investments also made the transfer difficult.
He had to choose, he said, whether to allocate resources to purchase the Premier League team or keep supporting initiatives meant to advance his corporate empire.
Dangote abandoned the team takeover, but claimed that his love for the Arsenal football club is still strong. He added that he still watches the team closely, occasionally attends games, and owns autographed memorabilia from them.
The billionaire explained that purchasing the team no longer makes financial sense for him since Arsenal is worth more than $3 billion.
