Tether, the prominent stablecoin issuer, has seen its ambitions for a complete takeover of Juventus thwarted. The company recently proposed an all-cash offer aimed at purchasing the 65.4% stake held by Exor, the majority shareholder of the football club. However, Exor”s board of directors rejected the bid, asserting in a press release that they “have no intention of selling any of its shares in Juventus to a third party, including but not restricted to El Salvador-based Tether.”
In its statement, Tether expressed its deep appreciation for Juventus and indicated plans to inject an additional $1 billion into the club”s development if the acquisition was successful. Currently, Tether holds a 10% stake in Juventus and has long voiced its desire to play a more significant role in the club”s operations.
Despite Juventus”s ongoing financial difficulties, which have included consistent losses and capital injections exceeding 1 billion euros ($1.17 billion) over the past seven years, Exor reiterated its unwavering commitment to the team. The holding company, controlled by the Agnelli family—whose business empire includes the Fiat automotive brand—emphasized its dedication to supporting the club”s new management and its strategic vision to achieve success both on and off the pitch.
Exor characterized Tether”s offer as “unsolicited” and reinforced the Agnelli family”s historical ties to Juventus, having been shareholders for over a century. The press release highlighted their ongoing support for the club”s operations and future strategies.
Following Tether”s announcement of its bid, the price of a token associated with Juventus, known as JUV, spiked over 32% within a 24-hour period, reaching $0.7712. However, it remains to be seen how the market will react to Exor”s decisive rejection of the proposal. As of the latest trading session, Juventus shares experienced a slight decline of 0.9%, trading at 2.194 euros ($2.58), with the club”s total market capitalization hovering around $988 million.
