Tether, a cryptocurrency company, has had its bid to acquire a majority stake in Juventus, the historic Italian football club, rejected.
Exor, the holding company controlled by the Agnelli family, reiterated that it unanimously rejected the offer from Tether and that the club is not for sale.
Exor said in a statement on Saturday, “Exor has repeatedly stated that it has no intention of selling any of its shares in Juventus to any third party, including El Salvador-based Tether.” The statement also noted that the Agnelli family and Exor maintain their long-term commitment to the club as stable and proud shareholders of Juventus.
It is known that Giancarlo Devasini, the Chairman of the Board of Tether, one of the world's largest stablecoin issuers, was born in Turin, the city of Juventus, and that the company currently owns approximately 11.5% of the club's shares, which are traded on the Milan Stock Exchange. Despite this, Exor has not been keen on relinquishing its control over Juventus.
The development comes after Tether CEO Paolo Ardoino stated yesterday that the company is “ready to invest 1 billion euros to support and develop the club.” Ardoino, who said he is a Juventus fan, stated that he learned concepts of responsibility and resilience by watching the club in his childhood.
At the Juventus General Assembly held in November, Paolo Garino, Tether's nominee, joined the club's board of directors. Tether, which manages the world's largest stablecoin with a circulating supply of approximately $184 billion, has recently attracted attention with its presence in Juventus.
Juventus has been controlled by the Agnelli family for over a century, making them one of the longest-serving club owners in world football.
*This is not investment advice.
