Juventus owners reject crypto offer for club

The primary shareholder of Juventus formally turned down a bid from a cryptocurrency company on Saturday, an offer that aimed to purchase Italy's most decorated football team, which had been presented the night before.

Exor N.V. revealed that its Board of Directors unanimously dismissed an unexpected proposal from Tether Investments to take over every share in Juventus Football Club S.p.A., according to a company announcement.

Tether, holding an 11.5 percent interest in Juventus already, announced on Friday evening that it presented a firm all-cash bid to Exor for its full ownership. An insider from Exor indicated late Friday that the proposal would not be accepted.

Exor, the Agnelli family's investment vehicle that has overseen the club since 1923, presently holds a 65.4 percent majority stake.

Reports from the ANSA news service suggest Tether proposed 2.66 euros per share, placing the club's value at 1.1 billion euros ($1.3 billion). Shares of Juventus ended Friday trading on the Milan exchange at 2.19 euros.

Exor emphasised its ongoing position by stating it has no plans to divest any shares in Juventus to outsiders, specifically naming but not limiting to the El Salvador based Tether, in the announcement.

Tether manages USDT, a widely used stablecoin, which is a type of cryptocurrency maintained at a stable value through ties to conventional assets.

The firm has expressed its aim as Make Juventus Great Again, echoing United States President Donald Trump's Make America Great Again catchphrase.

It first bought into Juventus in February, with intentions to blend its operations, encompassing artificial intelligence and biotechnology, into the sports sector.

Just last month, Juventus investors placed Tether representative Francesco Garino on the board of directors.

In its Friday release, Tether CEO Paolo Ardoino noted that the company is ready to pour one billion euros into the club's growth.

Juventus has always felt like family to me, he added. I was raised supporting this side.

Despite being Italy's top club with 36 league championships, 15 Coppa Italia wins, and two Champions League victories, Juventus has seen its prestige wane lately.

Their most recent Scudetto came in 2020, though they claimed the Coppa Italia in 2024.

The 2024-25 campaign proved tough for the team, including the sacking of Thiago Motta, and they sit seventh in Serie A this term following the exit of another manager, Igor Tudor, succeeded by Luciano Spalletti.

Exor and the Agnelli family have served as reliable and devoted owners for more than a century, and they continue to back the club entirely, aiding the fresh leadership in pursuing a defined plan to achieve solid outcomes both competitively and commercially, the announcement concluded.