London, may 23: Aliko Dangote, a billionaire Nigerian industrialist, is plotting to buy 16 percent stake in Arsenal in a move that could trigger a takeover battle for the Premier League club.
According to reports, Dangote is in talks to buy the stake being sold by Lady Nina Bracewell-Smith, the club's fourth-largest shareholder.
Dangote is understood to have registered his interest in buying the holding with Blackstone, the American finance house that has been given the job of finding a buyer for the shares.
Bracewell-Smith's stake is currently worth 96 million pounds, but she is seeking up to 160 million pounds for the shares, The Times Online reports.
Dangote is a passionate football fan and Forbes magazine had recently ranked him among the world's 500 richest people, with a fortune estimated at 2.5 billion dollars.
He has helped the Nigerian national football team with cash presents and has stood for the post of Nigerian Football Association President.