Tether’s Bid to Buy Italian Soccer Club Juventus Rejected by Majority Shareholder Exor
Exor, the Agnelli family’s holding company and the majority shareholder of Juventus, has rejected an unsolicited takeover approach from cryptocurrency firm Tether, according to statements released on Saturday.
In a message posted on Juventus’ website, Exor CEO John Elkann said, “Juventus, our history and our values are not for sale.” Exor later reinforced that position in a press release, stating 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 rejection came a day after Tether publicly announced a binding, all-cash offer to buy Exor’s controlling stake in Juventus. Tether said it offered €2.66 per share for Exor’s 65.4% holding, which it described as roughly a 21% premium to Juventus’ Friday closing price of €2.19.
Exor said its board unanimously declined the proposal, emphasizing that it does not intend to sell any shares in the club, which the Agnelli family has owned for nearly a century.
The bid is notable because it goes beyond the typical ways crypto companies engage with sports organizations, which have largely centered on sponsorship deals and fan token partnerships. In this case, Tether sought to move into outright ownership of one of Italy’s most prominent football clubs.
Juventus has faced financial pressure in recent years and has not recorded an annual net profit for almost a decade, according to the information provided. Against that backdrop, the swift refusal underscores Exor’s position that the club’s ownership is not up for negotiation despite the premium offered.
Tether already holds a stake in Juventus—reported across the provided information as around 10% to 11.5%—and its offer targeted full control by acquiring Exor’s majority holding.