Juventus rejects stablecoin giant Tether’s offer to buy the club

Stablecoin issuer Tether on Friday submitted an offer to buy Italian football club Juventus, only to get its all-cash proposal turned down by the owner.

Tether, which issues USDT, the third biggest digital asset by market capitalization, on Friday said it had submitted a binding all-cash proposal to Juventus owner Exor to buy its entire stake in the club. Tether also offered one billion euros (over $1.1 billion) to invest in the club as part of the proposal.

But on Saturday, Exor CEO John Elkann said in a video statement that the club was not for sale.

“Juventus, our history, our values, are not for sale,” he said.

Exor, which has major investments in companies like Ferrari and Stellantis, then said in a statement that its board of directors has unanimously rejected the unsolicited proposal. Exor is owned by Italy’s influential Agnelli family.

“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, supporting its new management team in the execution of a clear strategy to deliver strong results both on and off the field,” the statement read.

DL News reached out to Exor for comment.

Tether already holds a more than 10% stake in the club since upping its shareholder position in April as part of the crypto giant’s diverse portfolio.

But Tether CEO Paolo Ardoino said on Friday that the proposal to become majority shareholder was personal.

“This proposal reflects a belief in Juventus as more than a football club,” Tether said in a statement.

“As a boy, I learned what commitment, resilience, and responsibility meant by watching Juventus face success and adversity with dignity,” Ardoino added. “Those lessons stayed with me long after the final whistle.”

“Our goal is to contribute positively to the club’s future, to support sporting performance at the highest level, and to help Juventus continue to grow sustainably in a rapidly evolving global sports and media landscape.”

Tether did not immediately respond to questions from DL News.

The stablecoin giant has branched out from issuing the most-traded digital token.

Just this week, the company debuted a wellness app and announced that it had invested in humanoid robotics firm Generative Bionics as part of a €70 million ($82 million) funding round.

And in March, the El Salvador-based company bought a majority stake in South American agricultural firm Adecoagro.

Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at mdisalvo@dlnews.com.