Tether’s bid to take full control of Juventus has hit a roadblock after Exor, the Agnelli family’s holding company and the club’s 65.4% majority shareholder, unanimously rejected the offer.
What happened
- On Friday Tether — which already holds a 10% minority stake in Juventus — disclosed a proposal to buy the remainder of the club. The plan included an initial offer to Exor of €2.66 per share, a sizable premium to the €2.19 closing price at the time, and a public tender for the remaining shares at the same price. That price would value Juventus at roughly $1.17 billion.
- Exor responded with a press release saying its board unanimously turned down the bid for its controlling stake and reiterated it “has no intention of selling any of its shares in Juventus to a third party, including but not restricted to El Salvador-based Tether.”
- Tether has not yet issued a public response to Exor’s rejection.
Why it mattered
- Tether had signaled ambitions beyond crypto markets: in its original announcement the company said that, should the takeover succeed, it would also be prepared to invest €1 billion into the club. CEO Paolo Ardoino emphasized Tether’s financial strength and long-term support, saying the company “is in a position of strong financial health and intends to support Juventus with stable capital and a long horizon.”
- The move would have been one of the most high-profile examples of a major stablecoin issuer moving into traditional sports ownership and investment.
Juventus at a crossroads
- Founded in 1897 and once dominant — including a run of nine consecutive Serie A titles in the 2010s — Juventus has struggled this decade. Since the 2019–20 title, the club hasn’t returned to the top of Italian football; its best recent finish was third in 2023–24.
- The club was also hit by a 10-point deduction in 2023 following a financial scandal involving false accounting, heightening its vulnerability and possibly making it a target for outside investors.
Crypto-market backdrop
- Tether’s flagship stablecoin, USDT, has continued to grow: data from DefiLlama shows USDT’s market capitalization recently reached a record $186.23 billion.
- Bitcoin was trading near $89,700 at the time of reporting, down about 2.5% over the last week.
What’s next
With Exor refusing to sell its controlling stake, Tether will need to reassess its strategy if it wants a larger role at Juventus — whether by negotiating further with Exor (unlikely given the firm’s public stance), increasing its minority position, or pursuing alternative partnerships. The bid and its rejection highlight growing intersections between crypto firms and high-profile traditional assets, and the reputational and regulatory questions that follow.
Read more AI-generated news on: undefined/news
