TURIN: The Agnelli family has no intention of selling Juventus to Tether or any other party, sources close to the family’s holding company Exor said. This comes after Tether, the issuer of the US dollar–backed stablecoin USDT, submitted a proposal to purchase Italy’s most historically successful football club.
Tether reportedly offered Exor €2.66 per share, valuing Juventus at just over €1 billion ($1.17 billion). The bid represents a 21% premium over Juventus’ closing share price of €2.19 on Friday. Juventus has not posted an annual net profit in nearly a decade, and its shares have fallen 27% so far this year.
Stake and Acquisition Plan
Tether has already acquired over 10% of Juventus this year, becoming the club’s second-largest shareholder after Exor. The company’s proposal includes purchasing Exor’s entire 65.4% stake in the club. Tether also plans a public tender offer for the remaining shares at the same price and intends to invest €1 billion to support the club if the deal proceeds.
Juventus declined to comment on the offer, and Exor and Tether were not immediately available for further remarks. Exor CEO John Elkann had previously stated in November that the Agnelli family has no plans to sell its Juventus shares. The family’s connection to the club dates back to 1923, when Edoardo Agnelli became chairman.
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Juventus’ Financial and Sporting Situation
Investors led by Exor have injected about €1 billion into Juventus over the past seven years through capital increases. Juventus has won the Italian championship 36 times—the most of any club—but has struggled since its ninth consecutive title in 2020. The team currently sits in seventh place in Serie A.
About Tether
Tether’s USDT stablecoin accounts for over half of the global market for dollar-pegged stablecoins, according to the Bank of Italy. As of Friday, Tether had a market capitalization of around $186 billion. Its tokens are backed by U.S. dollars and U.S. Treasuries, and the company is among the 20 largest holders of U.S. government debt. CEO Paolo Ardoino, an Italian national and Juventus supporter, is leading the company’s efforts to acquire the club.
Stablecoins like USDT are digital tokens designed to maintain a stable value by pegging one-to-one with traditional currencies, backed primarily by government bonds or bank deposits.
