Tether Plans to Nominate Board Members for Juventus Football Club, According to Reports

Tether, the issuer of stablecoins, is reportedly set to propose its own candidates for the board and “governance changes” at Juventus, an Italian football club where it holds a 10.7% stake.

A report from Reuters on Monday stated that Tether’s recommendations for the football club’s board will be presented before the shareholder meeting on Nov. 7, alongside a contribution of about $129 million as part of a capital increase in Juventus. Tether initially invested in Juventus in February, raising its stake to over 10% in April to solidify its “commitment to innovation and long-term collaboration,” according to CEO Paolo Ardoino.

The board of the football club has faced significant controversy over the years. Every member resigned in November 2022 due to accusations of financial fraud related to player salaries. Former Juventus board Chair Andrea Agnelli and two other executives accepted plea deals in September to serve suspended sentences.

Tether’s suggested board candidates coincided with the 11th anniversary of the company’s stablecoin, USDt (USDT). It continues to be the leading stablecoin by market capitalization at over $177 billion, while a ruble-backed stablecoin, A7A5, has recently emerged as the largest non-US dollar-pegged coin with a market cap of $500 million.

Related: Tether invests in Juventus football club

Cointelegraph reached out to Tether for comments, but no response was received by the time of publication.

Stablecoin issuer forming partnerships with various non-crypto ventures

Besides its investment in Juventus, Tether also bought a 30% share in the Italian media company Be Water in May, recognizing the “importance of independent media in shaping informed societies,” according to Ardoino.