Approximately two weeks after speculation emerged that stablecoin issuer Tether would be proposing candidates for the board of Italian football club Juventus, the company revealed two selections: its deputy chief investment officer and a medical professional.
On Thursday, Tether announced the nominations of its deputy CIO, Zachary Lyons, and an orthodontist and “lifelong Juventus fan,” Francesco Garino, for the football club’s board of directors. Following investments in February and April, the stablecoin issuer now owns a 10.7% stake in Juventus.
“Since we announced our investment in the Club, Tether has attentively considered feedback from fans in Italy and around the globe, receiving essential suggestions and requests for enhanced engagement,” Tether stated in its announcement.
“We have proposed items for voting in the assembly to implement specific changes to the by-laws and to adopt best practices in corporate governance and minority representation.”
In the announcement, Tether CEO Paolo Ardoino reiterated his campaign to “Make Juventus Great Again,” echoing a slogan from US President Donald Trump’s campaign. The CEO had visited the White House in July to participate in the signing ceremony of the GENIUS stablecoin bill.
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The board nominations, set to be decided at a Nov. 7 shareholder meeting, come on the heels of contentious actions and scandals involving the club’s leadership.
In November 2022, all board members resigned amid allegations of financial misconduct related to player salaries. In September, former Juventus board Chair Andrea Agnelli and two other executives accepted plea bargains with Italian authorities for suspended sentences.
Tether’s investments extend further than football
The stablecoin issuer has also invested $775 million in the video-sharing service Rumble. In August, both companies suggested acquiring all shares of the AI infrastructure firm Northern Data, valued at $1.17 billion.
Although Tether is primarily a stablecoin company, it also possesses a notable quantity of Bitcoin (BTC). As of September, it held around 100,000 BTC, worth over $11 billion at that time. Tether’s USDt (USDT) had a market capitalization exceeding $181 billion as of Thursday.
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