Crypto stablecoin issuer Tether says it has launched a bid to fully acquire Italian club Juventus, though the offer has reportedly been rebuffed. Tether said it submitted a binding all-cash proposal to Exor, the Agnelli family’s holding company, for Exor’s 65.4% controlling stake in Juventus, which the family has held for more than a century. Tether added that, if Exor agrees, it would make a public offer for the remaining shares at the same price.
Juventus is a public company with a market capitalization of about €944.49 million ($1.1 billion); shares closed up 2.3% at €2.23 ($2.62) on Friday. AFP reported that Exor has rejected Tether’s approach, citing a source close to Exor who said “Juventus is not for sale.” Exor and Tether did not immediately respond to requests for comment.
Tether said it is prepared to invest €1 billion ($1.1 billion) to support and develop Juventus if the transaction completes. “Tether is in a position of strong financial health and intends to support Juventus with stable capital and a long horizon,” said Tether CEO Paolo Ardoino. Ardoino added personally that Juventus has been part of his life and that he learned commitment, resilience and responsibility from the club.
Tether, issuer of the USDT stablecoin, has expanded beyond its token business into investments in artificial intelligence, robotics and a health platform. The company first bought a stake in Juventus in February and increased that stake to over 10% in April. Tether has sought greater influence at the club, nominating its deputy investment chief Zachary Lyons and Francesco Garino to Juventus’s board; shareholders recently approved Garino’s appointment.
