Tether, the issuer of stablecoins, seems to have had its hopes for a complete acquisition of the Italian soccer club Juventus thwarted.
The board of directors at Exor, the majority shareholder, has unanimously turned down Tether’s all-cash offer for its 65.4% stake in Juventus. In a press release issued on Saturday, the board stated it has “no intention of selling any of its shares in Juventus to a third party, including, but not limited to, Tether from El Salvador.”
In a public announcement yesterday, Tether expressed its intention to buy Exor’s stake—Exor being the holding company of the Agnelli family, known for its extensive multi-industry ventures, including the Fiat automobile group. Tether claimed to have “deep admiration and respect” for the soccer club and promised to invest an additional $1 billion in its development if the bid was accepted. Currently, Tether owns a 10% share in the club but has often expressed a desire to play a more substantial role.
CoinDesk has yet to receive a comment from Tether’s spokesperson.
Juventus has been grappling with ongoing financial issues, displaying recurring losses and requiring significant capital infusions, amounting to over 1 billion euros ($1.17 billion) over the last seven years.
In its announcement, Exor described Tether’s proposal as “unsolicited” and reaffirmed the Agnelli family’s ongoing commitment to the club’s prosperity.
“Juventus is a historic and successful club, and Exor and the Agnelli family have been stable and proud shareholders for over a century, dedicating themselves to supporting the team and its new management in implementing a clear strategy to achieve strong outcomes both on and off the field,” the release indicated.
Neither Juventus nor Exor has promptly responded to CoinDesk’s request for commentary.
The price of a token associated with the football club, surged by over 32% in the past 24 hours after the stablecoin giant disclosed its acquisition intentions. As of now, it seems there has been no market reaction to Exor’s statement.
Currently, Tether holds an 11.53% stake in Juventus, making it the club’s second-largest shareholder after Exor. On Friday, Juventus shares fell by 0.9% to 2.194 euros ($2.58), with the club’s total market capitalization around $988 million.
