Aliko Dangote, Africa's richest man, "plans to buy London-based Arsenal" within four years, according to Lacqua & Wallace of BLOOMBERG. Dangote, a Nigerian worth $10.9B, "announced his intention to buy the club last year." He said that he "needs to wait for his business prospects to improve and his investments in gas pipelines and an oil refinery to play out before making the acquisition." Dangote said that "there's no doubt" he will buy Arsenal and "it's not a problem" of money. He said, "Maybe three to four years. The issue is that we have more challenging headwinds. I need to get those out the way first and start having tailwinds. Then I'll focus on this." Dangote, an Arsenal fan, has lost $4.4B this year, the "fourth most of anyone globally, due mainly to the depreciation of Nigeria’s currency." The bulk of his wealth is "tied up in Lagos-based Dangote Cement Plc," whose stock is down 4.7% this year. An acquisition of the team "would make him the first African owner of a team in England’s Premier League." Dangote: "It's not about buying Arsenal and just continuing business as usual. It's about buying Arsenal and turning it around. I've run a very successful business and I think I can also run a very successful team. Right now, with what we're facing, over $20 billion of projects, I cannot do both." Stan Kroenke, worth $7B and owner of NBA Denver Nuggets, holds 67% of Arsenal Holdings (BLOOMBERG, 9/21).
