Tether Looks to Acquire Juventus Football Club

Crypto stablecoin issuer Tether has initiated a bid to fully acquire Juventus Football Club, an Italian professional soccer team, though reports indicate this attempt has already been rejected.

Tether announced on Friday that it submitted a binding all-cash proposal to Exor, the Agnelli family’s holding company, for its 65.4% controlling stake in Juventus, which has been held for over a century.

If Exor consents, Tether plans to make a “public offer for the remaining shares at the same price.” Juventus, a public entity, has a market capitalization of 944.49 million euros ($1.1 billion), with trading closing on Friday at a 2.3% increase, valuing shares at 2.23 euros ($2.62).

However, AFP reported that Tether’s proposal has already been declined, with sources close to Exor stating, “Juventus is not for sale.” Neither Exor nor Tether responded promptly to Cointelegraph’s request for comments.

Tether pledges $1.1 billion investment

Tether declared its readiness to invest 1 billion euros ($1.1 billion) in Juventus for support and development, contingent on the deal’s completion.

“Tether stands on a solid financial footing and aims to provide Juventus with stable capital and a long-term vision,” said CEO Paolo Ardoino.

“For me, Juventus has always been part of my life,” Ardoino continued. “I grew up with this team. As a child, I learned the values of commitment, resilience, and responsibility by witnessing Juventus’ journey through success and challenges.”

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Tether, known for its stablecoin Tether (USDT), has aimed to diversify its operations beyond tokens, venturing into artificial intelligence, robotics, and health platforms.

The company initially acquired a stake in Juventus in February and increased its holding to over 10% in April.