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The century-old bond between Italy’s powerful Agnelli family and Juventus Football Club just got its first major test from the crypto world—and the family’s response could reshape how soccer clubs navigate the intersection of traditional ownership and digital-age capital.
John Elkann, the CEO of Agnelli family holding company Exor, told Reuters on Nov. 7 that the Agnelli family has “no intention” of selling its shares in Juventus, even as Tether—a cryptocurrency stablecoin pegged to the U.S. dollar that provides a stable and less volatile digital asset—has quietly acquired a stake exceeding 10% this year.
But here’s where it gets interesting: Elkann didn’t slam the door on collaboration. Instead, he signaled an openness that marks a notable shift for a family whose ties to Juventus stretch back to 1923.
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“We are and have always been open to constructive ideas from all stakeholders who share our ambition and passion for the club,” Elkann told Reuters, suggesting the family might be willing to work with Tether despite tensions that emerged at Friday’s annual shareholder meeting.
The stakes extend beyond one soccer club. Juventus is the most successful franchise in Italian soccer history, and the Agnelli family’s stewardship has defined the club’s identity for over a century. However, Juventus hasn’t won an Italian league title since 2020 after winning nine consecutive championships, and supporters have grown increasingly vocal about what they perceive as distant ownership—particularly since Andrea Agnelli, Elkann’s cousin, resigned as chair in late 2022 following accounting scandals.
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Enter Tether, the El Salvador-based creator of the world’s largest stablecoin, now positioned as Juventus’ second-largest shareholder. At last week’s annual meeting in Turin, shareholders appointed Tether representative Francesco Garino to the board.
The crypto firm hasn’t been shy about its intentions. Before the meeting, Tether told Reuters it wanted to help “strengthen the club’s governance and increase transparency.” After the vote, the company said in a statement to Reuters that “ongoing challenges within the club’s current governance structure and its reluctance to engage transparently with supporters and minority shareholders” remain major concerns.
