Dangote: I no longer have excess liquidity to buy Arsenal

Aliko Dangote, Nigerian business tycoon, says the time for him to acquire Arsenal FC “has passed”. 

In an interview with Bloomberg, Dangote, displaced as Africa’s richest person earlier this year, said he does not “have that kind of excess liquidity to buy a club for $4 billion”.

In recent years, the Nigerian business magnate, who has supported Arsenal since the 1980s, announced his desire to purchase a controlling stake in the English Premier League (EPL) club.

Dangote, however, revealed that his funds were “more needed in completing” his $19 billion refinery facility in Lagos than buying Arsenal.

“The time to buy Arsenal has passed. Last time, I said as soon I was through with the refinery, I was going to try and buy Arsenal. But the issue is that everything has gone up, and the clubs, too, are all doing very well,” the business tycoon said.

“Arsenal are also doing very well, but at that time, Arsenal were not doing very well. I do not have that kind of excess liquidity to buy a club for $4 billion. And use it as a promotional something. I would rather do something else with the money.

“What I will do is continue to be the biggest fan of Arsenal. I watch their games any time they are playing. I will remain a major supporter of Arsenal, but I do not think it makes sense today to buy Arsenal. I regret not buying the club before but my money was more needed in completing my project than buying Arsenal.”

Arsenal are currently back among the top contenders in the EPL. Since Mikel Arteta’s arrival as the Gunners manager, the club has consistently competed for the league title. In the last two seasons, they finished second behind the irrepressible Manchester City.