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Tether's $1.1 billion proposal to acquire Juventus Football Club pits new vs old
Crypto giant Tether Holdings has made a significant all-cash offer to acquire Juventus Football Club from the historic Agnelli family's investment vehicle, Exor. Despite Exor's swift rejection, Tether, already a substantial shareholder, aims for full control of the struggling Italian club. This bold move highlights a clash between old-world industrial legacy and the burgeoning crypto world.
Tether Holdings SA's offer to acquire Juventus Football Club pits a fast-growing crypto powerhouse against a more than century-old Italian industrial dynasty.
The crypto firm's all-cash proposal to buy Exor NV's 65.4% holding for ₹2.66 a share values Juventus at about ₹1.1 billion ($1.3 billion), according to a letter sent to Exor and seen by Bloomberg on Saturday. It represents a roughly 21% premium to Juventus's closing share price in Milan on Friday.
Tether, best known for its USDT stablecoin, said it would inject another ₹1 billion to support the development of the club and pledged to buy out all the remaining shareholders at a price "at least equal" to its offer, according to the letter. Exor, the Agnellis investment vehicle, swiftly rebuffed the approach, signaling it has no intention of selling its stake to Tether or any other party because the club is not for sale. The board "unanimously rejects" Tether's proposal, it said in a statement on Saturday. Tether didn't respond to requests for comment.
The bid is a bold play at a sensitive moment for the Agnellis, who are reshaping their portfolio and weighing disposals, including a potential sale of media group Gedi Gruppo Editoriale. The family has controlled Juventus for over a century.
It comes as Juventus struggles on the pitch and the costs to stay competitive at the top level of European football mount. The Turin-based club, currently seventh in the Serie A league, risks missing out on European competition, threatening crucial broadcast and commercial revenue.
The team has failed to regain the dominance it displayed during its streak of nine consecutive Serie A titles that ended in 2021, when it finished fourth in Italy's premier football league. It has also experienced setbacks off the field. In 2023, the club was docked 10 points in its Serie A ranking by Italy's football federation after a probe into how it accounted for player transfers. Its shares have fallen 27% this year.
Tether, now the club's second-biggest shareholder with an 11.5% stake accumulated since February, is pressing for full ownership.
For its Italian-born chief executive officer Paolo Ardoino, the bid is personal. "For me, Juventus has always been part of my life," Ardoino said in a statement. "I grew up with this team." But relations between the shareholders have been strained. Communication has been "very, very limited," he said in an interview in June.
The contrast between the two parties could hardly be starker. Through Exor-one of Europe's largest holding companies, with a net asset value of ₹36.4 billion-the Agnellis preside over marquee assets, including Ferrari NV, Stellantis NV and luxury brand Christian Louboutin. Juventus, while iconic, represents only a sliver of Exor's value.
Tether, in contrast, is emblematic of new money. Founded in 2014, it operated for years with no public offices before setting up official headquarters in El Salvador in January. The company has no independent board, nor does it reveal much about its structure. At the same time, it has become one of the crypto industry's most profitable enterprises. USDT is the world's most widely used stablecoin, supported by a $181 billion asset portfolio that includes $135 billion in US Treasuries, according to an attestation report on its website. Profit exceeded $10 billion in the first nine months of 2025, according to the report.
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Source: EconomicTimes
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