Tether Bids €1.1 Billion For Juventus FC, Agnelli Family Resists Sale
Tether has made a €1.1 billion ($1.29 billion) cash bid for Italy’s Juventus FC, a move the controlling Agnelli family is expected to resist.
The issuer of the world’s largest stablecoin, USDT, submitted a binding offer to Exor to buy its 65.4% stake at €2.66 a share and plans a tender offer for the rest.
Tether said that if its bid is successful it is prepared to invest €1.1 billion in the support and development of the football club. It already holds a stake of about 10.7% in Juventus.
“Tether is in a position of strong financial health and intends to support Juventus with stable capital and a long horizon,” Tether CEO Paolo Ardoino said in a statement. “For me, Juventus has always been part of my life. I grew up with this team. As a boy, I learned what commitment, resilience, and responsibility meant by watching Juventus face success and adversity with dignity.”
But the Agnelli family has no intention to sell and will resist the offer, Bloomberg and Reuters reported, citing people familiar with the matter.
The people said Exor NV, the Agnelli family’s holding company, won’t reduce its stake in Juventus FC to Tether or any other bidder because it is not for sale, Bloomberg reported.
Tether Looks To Expand Beyond Cryptocurrency
Tether’s bid underscores crypto firms’ diversification efforts even as tightly held ownership structures sometimes limit takeover prospects.
Tether itself has looked to expand beyond its stablecoin business and has invested in artificial intelligence, robotics, and a health platform called QVAC Health.
It acquired its minority stake in Juventus, which plays in Italy’s top Serie A league, in February. In October, it nominated its deputy investment chief, Zachary Lyons, along with Francesco Garino, as candidates to join the football club’s board of directors.
The bid paid off, with Juventus shareholders approving Garino’s appointment to the board last month.
According to Tether, Juventus is an international organization with substantial and sustainable commercial and sporting potential.
Tether’s proposed takeover has already driven a 26% surge in the Juventus Fan Token (JUV), with trading volume rising over 1,000% to $55.19 million.
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