Cryptocurrency giant Tether’s bid to buy a controlling stake in Juventus for over €1 billion was swiftly rejected by the club’s long-term owners
CRYPTOCURRENCY firm Tether confirmed it submitted a binding, all-cash proposal to acquire the controlling stake in Italian football club Juventus.
The bid was swiftly rebuffed by the club’s main shareholder, the Agnelli family’s holding company Exor.
“Juventus is not for sale,” a source close to Exor told AFP, reiterating the family’s commitment to the club it has controlled since 1923.
Tether’s proposal sought to purchase Exor’s entire 65.4% stake in the Turin-based Serie A side.
The offer valued Juventus at approximately €1.1 billion, or €2.66 per share, according to the ANSA news agency.
Juventus shares closed at €2.19 on the Milan stock market on Friday.
Exor had earlier insisted it had no intention of selling its shares amid rumours of potential Saudi investment.
Tether, which controls the popular USDT stablecoin, already holds an 11.5% stake in Juventus.
The company stated its goal is to “Make Juventus Great Again”, echoing a former political slogan.
It first acquired a stake in February, aiming to integrate its cryptocurrency, AI, and biotech businesses with sports.
Last month, Juventus shareholders appointed a Tether nominee, Francesco Garino, to the board of directors.
Tether CEO Paolo Ardoino said the firm was prepared to invest €1 billion in developing the club.
“For me, Juventus has always been part of my life. I grew up with this team,” Ardoino stated.
He added that Tether is in strong financial health and intends to support Juventus with stable, long-term capital.
According to ANSA, the bid will automatically lapse if Exor does not send written acceptance by 1700 GMT on December 22. – AFP
