Juventus Owner Rejects Tether Takeover Bid, Says Club’s History And Values “Not For Sale”

Juventus FC has rejected a takeover bid by stablecoin issuer Tether, its controlling Agnelli family saying the club’s history and values are “not for sale.”

The announcement came in a rare video from John Elkann, CEO of Exor, the Agnelli family’s holding company that controls Juventus.

“Juve has been part of my family for 102 years,” Elkann said while wearing a team hoodie. “Four generations have strengthened it, guided it through tough times, and celebrated its victories. We continue to support our squad and look toward the future to build a winning Juve.’’

Tether Owns 10.7% Stake In Juventus

Tether made a €1.1 billion ($1.29 billion) cash bid for Italy’s Juventus FC on Dec. 12. 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 planned a tender offer for the rest.

It said that if successful it would invest €1.1 billion in the support and development of the football club. It already holds a stake of about 10.7% in Juventus, making it the club’s secon-largest shareholder.

Tether is run by Italian Paolo Ardoino, a lifelong Juventus supporter.

“For me, Juventus has always been part of my life,” he said in a statement when making the bid. ”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.”

The offer was made at a 21% premium over Juventus’ closing share price on Friday of €2.19. 

Juventus share price (Source: Google Finance)

Tether Is Diversifying

Tether, issuer of the largest stablecoin with a market capitalization of over $57.979 billion, has been diversifying. 

Earlier this year, it invested about €1 billion into AI and robotics companies, and has also invested in a health platform called QVAC Health.

It’s also been steadily growing its Bitcoin mining infrastructure as part of a broader tech and infrastructure strategy.  

On top of that, it’s aggressively acquired gold this year to bolster its current reserves and is also in talks to acquire stakes in mining-related entities.

Exor Sells Stakes As Juventus Struggles

In addition to their stake in Juventus, the Agnelli family’s Exor is also the largest shareholder in automaker Stellantis, which controls the sports car maker Ferrari. 

This year, the company has started streamlining its holdings. Earlier, Exor agreed to the sale of truck maker Iveco to India’s Tata Motors. On Monday, Exor also said it is in talks with Greek Media group Antenna to sell its news operations, including major newspapers and three popular radio stations. 

That downscaling in holdings comes amid an ongoing financial struggle for Juventus. The soccer club has won the Italian championship 36 times, which is more than any other team. This success, however, has not been enough to curb the club’s financial struggles, which started around Juventus’ ninth consecutive title in 2020. 

Other Serie A teams have struggled financially as well as England’s Premier League and European powerhouses such as Real Madrid, Barcelona and Paris Saint-Germain grow more dominant.

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