Stablecoin issuer Tether plans to officially file for its own set of candidates for the Juventus board as per a Reuters report, after the company solidified a 10.7% stake in the football club in June.
The update comes after months of Tether eyeing a board seat at one of Italy’s most prestigious football clubs.
The club has been managed for more than a century by the Agnelli family, with ownership in recent years consolidated through holding company Exor N.V., which was formed by the merger of IFI and IFIL in 2009.
Juventus was reportedly struggling financially in its 2023-24 campaign, incurring a net loss of roughly 199 million euros, mainly due to the team’s absence from the UEFA Champions League tournament, which prevented it from streams of income from TV rights and prize money—and the dismissal of Thiego Motta, which is considered an extraordinary expense as his contract expires in 2027.
Juventus has been reporting losses on the balance sheet for years due to covid-19 restrictions, expensive players, and salaries.
The financial position has recovered with the first half of the 2024/25 seasons, disclosing a net profit of 16.9 million euros. Expected losses for the year are forecasted at 40-50 million euros.