Juventus Owner Exor Shuts Down Tether’s Takeover Attempt

Despite offering a premium valuation and pledging additional long-term investment into the club, Tether’s bid was shut down. Exor pointed out Juventus’ deep historical ties to the Agnelli family and its commitment to retaining ownership, which brought an abrupt end to speculation around one of the biggest crypto-for-sports acquisition attempts to date.

Tether Fails in Bid to Buy Juventus

Stablecoin issuer Tether’s attempt to take full control of Italian football club Juventus was firmly rejected by the club’s long-time owner, Exor,which very quickly ended speculation around one of the most high-profile intersections between crypto capital and European football.

Exor is the Agnelli family’s holding company that controlled Juventus for more than a century. It said on Saturday that its board unanimously dismissed an unsolicited takeover proposal from Tether to acquire all outstanding shares in the publicly listed club. The company explained that it has no intention of selling its stake in Juventus to any third party, including Tether, despite the size of the offer and the premium attached to it.

Announcement from Exor

The rejection happened after Tether’s announcement on Friday that it submitted a binding all-cash bid for Exor’s 65.4% controlling stake, with plans to launch a public offer for the remaining shares at the same price if the proposal was accepted. According to Reuters, Tether offered 2.66 euros per share, valuing Juventus at just over 1 billion euros, which is above its market capitalization of roughly 944 million euros based on Friday’s closing price of 2.19 euros.

In a video that was published on Juventus’ website, Exor CEO John Elkann talked about the club’s deep roots in the Agnelli family, and described Juventus as a central part of his family’s history for more than 100 years. He said the club’s identity, history, and values were not for sale. The company added that it is still committed to supporting the club’s current management and long-term strategy, both on and off the pitch.

Tether positioned its bid as a long-term investment rather than a short-term financial play. The company said it was prepared to inject an additional 1 billion euros into Juventus to support its development if the transaction had gone through. Tether CEO Paolo Ardoino framed the proposal as both a financial and personal commitment by saying he had grown up with the club and that Tether’s strong balance sheet would allow it to provide stable, patient capital.

Tether also recently expanded into areas like energy, infrastructure, and sports investments. The company first disclosed a stake in Juventus in February and increased its holding to more than 10% by April, making it one of the club’s bigger minority shareholders. Last month, Juventus shareholders approved the appointment of Francesco Garino, nominated by Tether, to the club’s board of directors. However, a separate attempt to secure a board seat for Tether’s deputy investment chief, Zachary Lyons, was unsuccessful.