Stablecoin company Tether’s estimated 1 billion euro offer–roughly $1.2 billion–to purchase Juventus shares has been rejected, as the Agnelli family seeks to maintain control over a stake it has held for generations, according to press releases by both companies.
On Friday, Tether put out an offer for Juventus in which it would purchase all shares held by Exor holdings N.V., which is mainly owned by the Agnelli family, one of Italy’s richest and most influential groups.
“For me, Juventus has always been part of my life,” said Tether’s CEO, Paolo Ardoino.
“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. Those lessons stayed with me long after the final whistle.”
The Exor board issued a formal statement in response, refusing the offer to purchase company shares.
“Exor N.V. (“Exor” or the “Company”) announces that its Board of Directors has unanimously rejected an unsolicited proposal submitted by Tether Investments, S.A. de C.V. (“Tether”) to acquire all of the shares of Juventus Football Club S.p.A. (“Juventus” or the “Club”) owned by Exor,” read the official statement.
“Exor reaffirms its previous, consistent statements that it has no intention of selling any of its shares in Juventus to a third party, including but not restricted to El Salvador-based Tether.”
The statement also said that holding company Exor and the Agnelli family remain fully committed to the club and that they (Agnelli family) have been shareholders for more than a century.
Ownership through Exor was consolidated through a merger of IFIL and IFI in 2009. Alongside the majority stake in Juventus, Exor also holds shares in Fiat through a stake in holding company Stellantis.
If the offer went through, Tether would end up owning 65.4% of Juventus’s issued share capital.
According to Juventus’s official website, Tether now holds 11.5% with 5.8% held by Lindsell Train Ltd, and the remaining 17.3% held on a free float basis.
Tether has a board seat at Juventus as well.
But Tether would also be taking over a football club that—while it may be prestigious—has its fair share of financial troubles with losses repeated over the years due to expensive player salaries and other factors.
The move by Tether appears to be part of a larger trend among cryptocurrency firms to integrate with traditional industries that have been operating for decades—Tether and Circle operate two of the largest stablecoins by market capitalization and have multiple partnerships in place with traditional finance institutions.
Juventus posted a one-minute video on its website, in which Exor’s CEO, John Elkaan, clarified the Agnelli Family’s stance on the matter.
“Juventus has been a part of my family for 102 years. It is part of it in the truest sense of the word, because over the course of a century, four generations have helped it grow, made it strong, cared for it in difficult moments and celebrated it in happy ones.” said Elkaan.
“Not only that, Juve has been part of a much larger family, the black and white family, made up of millions of fans in Italy and around the world who love Juve as one who loves the people who are dear to them. Thinking precisely of this passion, of this love story that has united us for over a century, as a family. We continue to support the team and look to the future, to build a winning Juve. Juventus, our history and our values are not for sale.”
John Elkaan is the maternal grandson of Gianni Agnelli and holds leadership roles across Ferrari, Exor, and Stellantis. He is now considered the heir of the Agnelli family’s holdings across some of Italy’s homegrown corporate institutions.
Source: Google Finance
Juventus shares were trading at 2.49 euros, up by 13.67%.