Dangote moves to take 16% stake in Arsenal

The battle for control of Arsenal FC has taken an unexpected twist after the Nigerian industrialist Aliko Dangote, one of the richest men in Africa, entered the fray, by registering his interest in buying a 16 per cent stake in the club.

The billionaire businessman wants to purchase Lady Nina Bracewell-Smith's shares in the club. If he does so he will become the third biggest shareholder at the Emirates Stadium behind American tycoon Stan Kroenke and Uzbek oligarch Alisher Usmanov.

Lady Bracewell-Smith announced last month she was selling her shares and appointed American finance house Blackstone to find a buyer. She could make as much as £160m in the deal.

If Dangote buy the shares it could prompt a takeover bid from either Kroenke or Usmanov. Arsenal's ownership rules state that if anyone takes a 30 per cent stake in the club they must then buy out all the other shareholders. At present Kroenke is just 17 shares away from triggering a bid for the club - he has a 29.98 per cent stake. Usmanov is not far behind on 26.29 per cent.

Kroenke has been upping his stake little by little in recent months - but neither he nor Usmanov have so far moved to take overall control of the club. But the appearance of a third player could prompt them to do so.

Dangote is said to be worth $2.5bn, making him the third richest person of African origin in the world, behind Oprah Winfrey and Ethiopian businessman Mohammed Al Amoudi. The 52-year-old set up the Dangote Group in 1977. It grew from a small trading company to become Nigeria's largest industrial group, which also owns companies in Benin, Ghana and Togo.

He used political affiliations, particularly with the former President of Nigeria, Olusegun Obasanjo, to grow his business and he now controls most of the flour and sugar supply contracts in the country. He also owns Africa's largest cement plant.