Tether's Juventus Bid Rejected Swiftly

Tether's Bold Bid to Acquire Juventus Stake

Cryptocurrency firm Tether has made a significant move in the sports industry by submitting a bid to acquire the entire stake of Juventus Football Club from its main shareholder, Exor. The offer, which was announced on Friday, came as a surprise to many, given that the club has long been considered a family asset under the Agnelli dynasty.

According to a source close to Exor, the holding company of the Agnelli family, which has controlled Juventus since 1923, the club is not for sale. This statement underscores the deep-rooted connection between the family and the football club, which has been a cornerstone of Italian football for over a century.

Tether, known for its stablecoin USDT, already holds an 11.5% stake in Juventus. In a recent statement, the company revealed that it had submitted a binding all-cash proposal to Exor to acquire the remaining shares. The current stake held by Exor stands at 65.4%, making this a substantial acquisition target.

The proposed offer valued the club at 1.1 billion euros ($1.3 billion), with Tether offering 2.66 euros per share. However, the price did not match the closing price of Juventus shares on the Milan stock market, which stood at 2.19 euros on Friday.

Amid rumors of a possible Saudi investment, Exor had previously emphasized its stance against selling its shares. A source close to the company reiterated this position, stating that no matter the potential buyer, including Tether, the decision to sell remains unchanged.

Tether's involvement in the football sector is part of a broader strategy to integrate its diverse business interests, which include artificial intelligence and biotechnology, into the sports industry. The company's CEO, Paolo Ardoino, expressed his deep personal connection to Juventus, stating that the club has always been a part of his life.

He added that Tether is financially strong and intends to support Juventus with stable capital and a long-term vision. The company has also committed to investing one billion euros in developing the club, signaling a serious commitment to its future.

In a strategic move, last month, Juventus shareholders appointed Tether nominee Francesco Garino to the board of directors. This appointment highlights the growing influence of Tether within the club's governance structure.

According to ANSA, the bid offer will automatically lapse if Exor does not provide written acceptance by 6:00 pm (1700 GMT) on December 22. This deadline adds urgency to the situation, as both parties navigate the complexities of such a high-profile transaction.

As the football world watches closely, the outcome of Tether's bid could set a precedent for how cryptocurrency firms engage with traditional sports entities. Whether or not Exor accepts the offer, the event marks a significant moment in the intersection of finance and sports.