Tether has faced a setback in its attempt to acquire a controlling interest in Juventus, one of the most prestigious football clubs in the world. The stablecoin giant announced on Friday that its proposal to buy the club was rejected by Exor, the holding company and majority stakeholder controlled by the Agnelli family.
Earlier in the week, Tether revealed its intention to fully acquire Juventus through a proposal directed at Exor. This ambitious plan followed Tether’s previous investment in the club, where it obtained a 10% minority stake. The company’s proposal included an offer of 2.66 euros per share, notably higher than the share’s last closing price of 2.19 euros, reflecting Tether’s serious interest in the football giant.
However, Exor was not swayed by the financial allure. The company issued a press release confirming that its board had unanimously rejected Tether’s bid for its 65.4% controlling stake. Exor reiterated its ongoing commitment to Juventus, stating unequivocally that there was no intent to sell any part of its holding, including to Tether.
Founded in 1897, Juventus has built a reputation as a global football powerhouse. The club enjoyed a remarkable streak of success in the 2010s, securing nine consecutive Serie A titles. However, recent seasons have seen a decline in performance, with the club struggling to reclaim its former glory. Since winning the Serie A title in the 2019-20 season, Juventus has not been able to rise to championship contention, finishing as the best in third place during the 2023-24 season. The team faced additional challenges, including a 10-point deduction in the 2023 season due to a financial scandal.
In response to the rejection from Exor, Tether finds itself at a crossroads regarding any future engagement with the iconic football club. While the stablecoin issuer has yet to make a public statement concerning its next steps, the initial plan was to launch a tender offer for the remaining shares in Juventus if the acquisition of Exor’s stake proceeded. This would have set the total club valuation at approximately $1.17 billion, allowing Tether to bolster its investment with a commitment of 1 billion euros to support Juventus.
Despite this setback, Tether’s stablecoin USDT has been experiencing robust growth, recently achieving a record market cap of $186.23 billion, according to data from DefiLlama. This development showcases Tether’s strong financial position, even as it reevaluates its strategic plans following Exor’s firm stand.
As football clubs navigate a changing economic landscape, Tether’s interest in Juventus underscores the potential for crypto investments in sports, though it also highlights the complexities involved in high-stakes negotiations, particularly when faced with legacy stakeholders unwilling to relinquish their control.
