The Agnelli family, through their holding company Exor, has stated they will not sell Juventus to the crypto company Tether or anyone else, rejecting Tether’s recent cash offer. Tether, based in El Salvador, proposed to buy Exor’s stake in Juventus, which is Italy’s most successful soccer club, and planned to invest one billion euros in the club if the purchase went through. Tether’s offer values Juventus at about one billion euros and includes a premium over the club’s recent share price.
Exor’s board unanimously declined the bid, emphasizing they do not intend to sell any shares in Juventus, which they have owned for nearly a century. Juventus has struggled financially, not making an annual net profit for almost ten years, and its shares have fallen 27% this year. Tether, a major player in the stablecoin market, has already accumulated over 10% ownership in Juventus this year, making them the second-largest shareholder after Exor.
Tether’s potential acquisition of Juventus could enhance its connections with European policymakers and increase its public popularity amid regulatory scrutiny. Exor has recently been streamlining its portfolio in Italy, indicating possible changes in their investments. Exor’s CEO John Elkann has reiterated the family’s commitment to Juventus, which has a long history with the Agnelli family since 1923.
In recent years, Juventus has faced challenges on and off the field, finishing seventh in Serie A after winning nine consecutive titles. The club has dealt with various scandals, including a deduction in points due to financial misconduct. Juventus is also contending with competition from wealthier leagues, especially the English Premier League and top European teams.
Meanwhile, Tether’s stablecoin, USDT, accounted for a significant portion of the market, with an estimated capitalization of $186 billion. Stablecoins like USDT aim to maintain stable values by being pegged to traditional currencies and are backed by reserves, primarily in government bonds or deposits.
With information from Reuters
