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 had unanimously rejected Tether’s offer and that the club was not for sale.
Exor said in a statement on Saturday: “Exor has repeatedly stated that it does not intend to sell any of its shares in Juventus to any third party, including El Salvador-based Tether.” The statement also highlights 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, chairman of the board of directors of Tether, one of the largest stablecoin issues in the world, was born in Turin, the home of Juventus, and that the company currently owns around 11.5% of the club’s shares, which are traded on the Milan Stock Exchange. Despite this, Exor did not wish to relinquish his control over Juventus.
This development comes after Tether CEO Paolo Ardoino said yesterday that the company was “ready to invest 1 billion euros to support and develop the club.” Ardoino, who calls himself a Juventus fan, said he learned the concepts of responsibility and resilience from watching the club as a child.
At the Juventus General Assembly held in November, Paolo Garino, Tether’s candidate, joined the club’s board of directors. Tether, which runs the world’s largest stablecoin with a circulating supply of around $184 billion, recently attracted attention with its presence at 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 does not constitute investment advice.
