Crypto stablecoin issuer Tether has announced a bid to fully acquire the Italian professional soccer club Juventus Football Club. However, reports indicate that the offer has already been rejected.
On Friday, Tether revealed it had submitted a binding all-cash proposal to Exor, the holding company controlled by the Agnelli family, for its 65.4% controlling stake in Juventus—a stake held for over 100 years. Should Exor accept the proposal, Tether has stated it would then launch a public offer for the remaining shares at the same price.
Juventus is a publicly traded company with a market capitalization of approximately 944.49 million euros ($1.1 billion). The club’s stock closed trading on Friday up 2.3% at 2.23 euros ($2.62) per share.
Despite this bid, AFP reported that Tether’s offer has already been turned down. A source close to Exor stated, “Juventus is not for sale.” Neither Exor nor Tether responded immediately to Cointelegraph’s requests for comment.
### Tether Promises $1.1 Billion Investment
Tether has pledged to invest 1 billion euros ($1.1 billion) to support and develop Juventus if the acquisition is successful. Paolo Ardoino, Tether’s CEO, emphasized the company’s strong financial position and long-term commitment to the club.
“Tether is in a position of strong financial health and intends to support Juventus with stable capital and a long horizon,” Ardoino said. Sharing a personal connection, he added, “For me, Juventus has always been part of my life. I grew up with this team. As a boy, I learned what commitment, resilience, and responsibility meant by watching Juventus face success and adversity with dignity.”
### Tether’s Expanding Business Interests
Beyond issuing the stablecoin Tether (USDT), the company has been diversifying its business ventures. It has invested in artificial intelligence, robotics, and healthcare platforms.
Tether initially acquired a stake in Juventus in February and increased its holding to over 10% by April. The firm has been actively seeking to strengthen its influence within the club. In October, it nominated its deputy investment chief, Zachary Lyons, along with Francesco Garino, to Juventus’s board of directors.
These efforts have seen progress: Juventus shareholders approved Garino’s appointment to the board last month, marking a significant foothold for Tether within the club’s management.
https://cointelegraph.com/news/tether-makes-1-billion-bid-buy-juventus-fc