The Agnelli family has unanimously rejected Tether’s binding all-cash proposal to acquire majority control of Juventus Football Club, dismissing the stablecoin issuer’s €1 billion ($1.17 billion) investment pledge just one day after the offer became public.
According to Dow Jones Newswires, Exor, the family’s holding company, said Saturday it has no intention of selling its 65.4% stake to the El Salvador-based crypto firm or any third party, ending what would have been one of European football’s most audacious takeover attempts this year.
Tether submitted its formal proposal on Friday, seeking to purchase Exor’s controlling position and subsequently launch a public tender for all remaining shares at an undisclosed price.
As per Reuters, Juventus shares surged more than 12% Monday morning, reaching their highest level since November 25, after the rejection implied a 21% premium to Friday’s close despite the family’s refusal to negotiate.
Century-Old Legacy Defends Against Crypto Ambition
Exor’s board emphasized that Juventus represents more than a commercial asset for the Agnelli dynasty, which has maintained ownership for over a century.
“Juventus is a storied and successful club, of which Exor and the Agnelli family are the stable and proud shareholders for over a century, and they remain fully committed to the club,” the holding company stated, closing the door on further discussions.
Tether CEO Paolo Ardoino positioned the rejected offer as a long-term commitment rooted in his personal connection to the Turin-based Serie A club.
“As a boy, I learned what commitment, resilience, and responsibility meant by watching Juventus face success and adversity with dignity,” Ardoino said, adding that Tether was prepared to support the club with stable capital across a lengthy investment horizon.
The stablecoin issuer framed its proposal as a strategic move to help Juventus navigate a rapidly changing global sports and media landscape.
Despite the rebuff, Tether maintains significant influence within Juventus after quietly purchasing an initial stake in February and expanding holdings beyond 10% by April.
The company successfully placed deputy investment chief Zachary Lyons and Francesco Garino on Juventus’s board in October, with shareholders approving Garino’s appointment last month.
Private Equity Reshapes European Football Landscape
Tether’s rejected bid arrives amid accelerating private-equity interest in European football clubs, as they seek to capitalize on lucrative media rights and player transfer markets.
According to Newswires, Apollo Global Management agreed last month to acquire majority control of Spanish club Atletico de Madrid, while RedBird Capital purchased AC Milan for $1.2 billion in 2022 and Oaktree Capital seized FC Inter Milan last year.
Financial groups have rushed into European football as clubs generate increasing revenue from international broadcasting deals and player transactions.
Juventus, valued at roughly €944 million, represents a particularly attractive target given its status as Italy’s most successful club with a global fanbase and established commercial infrastructure.
However, crypto partnerships have drawn sharp criticism when clubs partner with questionable firms.
FC Barcelona faced backlash in November after signing a three-year sponsorship deal with Zero-Knowledge Proof, a blockchain startup registered in Samoa with minimal social media presence.
The club later distanced itself from ZKP’s FCB token, clarifying it had “no connection whatsoever” to the digital asset.
Sports crypto adoption is growing. Paris Saint-Germain became the first sports entity to adopt a Bitcoin treasury strategy in May, while football accounted for 43% of crypto and digital asset sponsorships during the 2024/25 season, up 64% year-over-year.
Tether’s Aggressive Expansion Across Multiple Sectors
Tether’s broader expansion push has accelerated dramatically across multiple sectors, with the company on track to generate approximately $15 billion this year from its $183.8 billion USDT market capitalization.
Recent reports also suggest Tether may seek $20 billion in new capital for a 3% ownership stake, establishing a valuation near $500 billion that would approach Mastercard while eclipsing Netflix and Samsung.
The firm has simultaneously deployed approximately $1.5 billion in commodity trade lending across oil, cotton, and agricultural markets while expanding its gold reserves beyond $12 billion to support this aggressive diversification strategy beyond its core stablecoin operations.
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