Tether’s proposed acquisition of Juventus has been firmly rejected by majority owner Exor, which values the club’s historic legacy over the $1.17 billion offer. Exor CEO John Elkann emphasized that Juventus’s history and principles remain unsellable, preserving family control after over a century of ownership.
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Exor’s unanimous board decision rejects Tether’s unsolicited bid for full control of the Italian soccer club.
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The proposal involved an all-cash offer of 2.66 euros per share, valuing Juventus at over 1 billion euros.
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Despite Tether’s growing stake and board influence, Exor reaffirms its long-term commitment to the club’s strategic growth.
Discover how Exor rejected Tether’s $1.17B Juventus acquisition bid, upholding family values. Explore implications for crypto in sports. Stay updated on crypto news at Coinotag.
What is Tether’s Proposal to Acquire Juventus?
Tether’s Juventus acquisition proposal represents a bold move by the stablecoin issuer to gain full control of the renowned Italian football club. Submitted as a binding all-cash offer, it targeted Exor’s 65.4% controlling stake at 2.66 euros per share, with plans for a public tender for remaining shares at the same price. This would value the club at approximately 1.05 billion euros, surpassing its recent market capitalization of 944.49 million euros.
Why Did Exor Reject Tether’s Bid?
Exor, the Agnelli family-controlled holding company that has stewarded Juventus for 102 years, unanimously dismissed the unsolicited proposal from Tether, based in El Salvador. The rejection underscores a commitment to preserving the club’s storied heritage and operational independence. In a statement, Exor highlighted its unwavering dedication to Juventus, supporting the new management in achieving excellence both competitively and financially. CEO John Elkann reinforced this stance in a video message, stating, “Juventus has been a part of my family for 102 years. Our history and our values are not for sale.” This decision aligns with prior declarations against divesting shares to any third party, including crypto entities like Tether.
Market analysts, as reported by Reuters, note that Juventus closed trading at 2.19 euros per share on the prior Friday, reflecting a valuation gap that Tether aimed to bridge with its premium offer. However, Exor’s board prioritized long-term stability over immediate financial gains, citing the club’s pivotal role in the family’s legacy. Tether’s CEO Paolo Ardoino expressed enthusiasm for deeper involvement, mentioning his personal connection: “For me, Juventus has always been part of my life. I grew up with this team.” Despite this, Exor’s resolution remains firm.
Exor elaborated on its vision, affirming full support for the club’s strategy to deliver robust results on the pitch and in business operations. This includes investments in infrastructure and talent development, areas where Tether had promised an additional 1 billion euros in funding if the deal proceeded. Tether’s expanding footprint in traditional sectors, beyond its core USDT stablecoin issuance, is evident in its prior moves: acquiring an initial stake in February and increasing it to over 10% by April.
Further solidifying its position, Juventus shareholders recently approved Tether’s nominee Francesco Garino for the board, enhancing the company’s advisory role without ceding control. An earlier attempt to nominate deputy investment chief Zachary Lyons was unsuccessful, indicating boundaries on external influence.
Exor CEO John Elkann wearing a team hoodie, rebuffs Tether’s proposal in a video statement. Source: Juventus
The intersection of cryptocurrency firms and professional sports continues to evolve, with Tether’s overtures highlighting potential synergies in fan engagement and digital innovation. Yet, Exor’s rejection serves as a reminder of the cultural and emotional ties that often outweigh monetary propositions in family-held enterprises.
Frequently Asked Questions
What Are the Implications of Exor’s Rejection for Tether’s Stake in Juventus?
Exor’s rejection limits Tether to its current minority holding of over 10%, curbing ambitions for majority control. It preserves Exor’s decision-making authority while allowing Tether to maintain board influence through appointees like Francesco Garino. This setup enables ongoing collaboration in areas like digital payments or fan experiences without full ownership risks.
How Might Tether’s Involvement Shape Juventus’s Future Despite the Rejection?
Even post-rejection, Tether’s stable financial position and crypto expertise could support Juventus through targeted investments in blockchain-based ticketing or NFT collectibles. CEO Paolo Ardoino’s long-term vision promises stable capital infusion, potentially boosting the club’s global reach in an era where sports teams increasingly integrate digital assets for revenue diversification.
Key Takeaways
- Family Legacy Prevails: Exor’s decision underscores the Agnelli family’s century-long bond with Juventus, prioritizing values over a lucrative $1.17 billion deal.
- Crypto’s Cautious Advance: Tether’s bid reflects growing interest from blockchain firms in sports, but regulatory and cultural hurdles remain significant barriers.
- Strategic Partnerships Ahead: With board representation secured, Tether can still contribute to Juventus’s innovation, focusing on sustainable growth without acquisition.
Conclusion
Exor’s firm rejection of Tether’s Juventus acquisition proposal reaffirms the enduring power of tradition in the face of crypto-driven opportunities. As the stablecoin leader eyes further expansion into sports, the Agnelli family’s commitment ensures Juventus navigates its future with balanced innovation and heritage intact. Investors and fans alike should monitor how this dynamic influences broader crypto sports investments, potentially paving the way for collaborative models that blend digital finance with athletic excellence—stay informed for the next developments in this evolving landscape.
Source: https://en.coinotag.com/exor-rejects-tethers-1-billion-proposal-to-acquire-juventus
