In a surprising and ambitious move that blends finance, crypto, and sport, Tether (a company behind the world’s most traded stablecoin, USDT, which follows the value of the US dollar) made an unsolicited offer to acquire Juventus FC for €1.1 billion. The offer, submitted to Exor, the holding company of the Agnelli family, aimed to purchase their 65.4% controlling stake in the club. The proposal, however, was unanimously rejected by the Juventus board.
This case is not just another M&A attempt in European football. It sheds light on the intersection of modern financial strategies, symbolic ownership, and the shifting dynamics of club governance.
Key Details of the Offer
- Tether’s Current Stake: Tether entered Juventus’ capital in February 2025, initially acquiring an 8% stake. Over time, it increased its position to 11.5% of the club’s equity.
- The Proposal to Exor: Tether proposed to acquire Exor’s 65.4% stake in Juventus for €1.1 billion in cash.
- Offer Per Share: The bid included a €2.66 per share offer, representing a 21% premium over Juventus’ current stock price on the Milan Stock Exchange.
- Takeover Intentions: Tether also expressed its willingness to launch a full takeover bid at the same price for all remaining shares not yet in its possession.
- Future Investment Plan: In addition to the acquisition, Tether committed to inject $1 billion into Juventus to support the club’s development — both sporting and financial.
Despite the scale of the offer, it was rejected unanimously by the Juventus board of directors.
Strategic Rationale
For Tether:
Tether has reportedly expressed frustration over the lack of communication and cooperation among Juventus shareholders. With this acquisition, it hoped to initiate a new strategic cycle for the club — one that would provide the stability and financial support Juventus needs to rebuild.
Sporting and financial performance has lagged in recent years compared to Europe’s top-tier clubs. Juventus, once a consistent Champions League contender, has faced on-pitch underperformance and off-pitch financial constraints. From Tether’s perspective, the move was a strategic investment to gain control, implement operational reforms, and elevate the club’s global competitiveness — with obvious branding and financial upside.
For Exor and the Agnelli Family:
The refusal of the offer was largely driven by emotional and symbolic factors, not purely financial ones. The Agnelli family has owned Juventus for over 100 years (since 1923), and the club holds historic and cultural significance that exceeds its valuation.
Exor is indeed in the process of restructuring its portfolio, having already sold off assets like Iveco, the bus and truck manufacturing company. However, Juventus is not just another financial asset. It represents Italian pride, legacy, and emotional heritage for the Agnelli dynasty. Selling it, even at a premium, would amount to abandoning a cornerstone of their family identity.
Beyond the Numbers: What This Means
This rejected deal — illustrates how financial logic sometimes encounters deeper layers of strategic, emotional, and symbolic value. On one hand, Juventus could have benefited from a substantial capital injection and a new development cycle under Tether’s ownership. On the other hand, the Agnelli family’s decision to decline the offer shows that certain assets are not simply evaluated through financial multiples, but through legacy, long-term vision, and cultural relevance. In the case of Juventus, the emotional and historical attachment appears to weigh just as heavily as any balance sheet.
For now, Juventus remains firmly under the control of the Agnellis. But as financial pressures and ownership models evolve across global football, this may not be the last bold bid we see from players like Tether.