Recent developments indicate that Tether’s aspirations to acquire Juventus have been thwarted, as the majority owner Exor has firmly declined any potential negotiations regarding their shares.
Tether’s Ambitious Attempt to Secure Juventus Ownership
On Friday, Tether publicly revealed its intent to purchase Juventus, a prominent name in the world of football. The stablecoin provider had earlier acquired a 10% minority stake, but aimed for full ownership through this recent initiative.
The initial proposal was directed at Exor, the investment firm associated with the Agnelli family, which holds a majority stake in Juventus. Reports from Reuters disclosed that Tether offered €2.66 per share, significantly above the previous closing figure of €2.19.
In an official statement, Exor confirmed that its board unanimously rejected Tether’s proposal for its 65.4% stake, asserting, “Exor reaffirmed its established position against selling any shares in Juventus to any third parties, including Tether.”
Founded in 1897, Juventus has solidified its place as a foremost football club, notably enjoying a dominant era in the 2010s with nine consecutive Serie A titles, showcasing their prowess in Italian football.
With Exor’s rejection, Tether now faces a difficult path regarding their ambitions for the club famously known as The Old Lady. There have been no responses issued by Tether following the news.
Initially, Tether planned that if the acquisition of Exor’s stake was successful, it would pursue the remaining shares via a public tender offer at the same price. The entire valuation of Juventus would then have been approximately $1.17 billion.
Tether also indicated that if the deal went ahead, it was prepared to invest an additional €1 billion into the club. According to CEO Paolo Ardoino, “Tether enjoys robust financial standing and is keen to provide Juventus with stable capital for long-term support.”
While the past decade witnessed Juventus thrive, the ongoing 2020s have posed substantial challenges. Since their last title in the 2019-20 season, their performance has dipped, finishing in third place in the 2023-24 season. The club also faced turbulence due to a financial controversy in 2023, resulting in a 10-point deduction in Serie A for improper accounting. Tether’s interest emerges at a time when Juventus is in a critical phase.
Meanwhile, Tether’s stablecoin USDT has gained traction lately, boasting a market capitalization that recently soared to a new high of $186.23 billion, according to information from DefiLlama.
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