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Africa’s richest businessman plotting Arsenal Football Club buyout

Aliko Dangote, a Nigerian billionaire, has revealed his plans to buy Arsenal Football Club.

Dangote reportedly plans to finance the takeover through the building of an oil refinery in his country. The African businessman, ranked 67th on the Forbes rich list, has an estimated wealth of over £11bn.

Currently, Arsenal is owned chiefly by American businessman Stan Kroenke, who has a 66.64% stake in the club. The rest of shares belong to Russian-Uzbek Alisher Usmanov, who has a 29.11% stake while the remaining ownership of the club is split between minority shareholders comprised of ex-players and trustees.

Lady Nina Bracewell-Smith sold her 15.9% stake to Kroenke in April 2011, a transaction which Dangote was almost a part of himself.

Dangote told the bbc: “When we get this refinery on track, I will have enough time and enough resources to pay what they are asking for.”

“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.

“We backtracked, because we were very busy doing other things, especially our industrialisation.”

If Dangote is to assume eventual control, his philosophy may directly contrast that of current manager Arsene Wenger, famous for a coaching style centre around the development of young players.

Dangote added: “They are doing well, but they need another strategic direction. They need more direction than the current situation, where they just develop players and sell them.”