- Exor, the Agnelli family holding, has unanimously rejected Tether’s €1.1 billion cash offer for its 65.4% stake in Juventus FC.
- The owners insist that Juventus is not for sale under any scenario and stress their century‑long emotional and strategic bond with the club.
- Tether, already holding 11.5% of Juventus and planning a €1 billion investment, saw its ambitious expansion into football blocked.
- The episode highlights rising crypto interest in elite football while Juventus opts for continuity and long‑term stability over an eye‑catching takeover.
The long‑standing relationship between the Agnelli family and Juventus FC has faced one of its biggest tests in decades after a bold buyout attempt led by crypto giant Tether. Despite the size of the proposal and the promise of a substantial cash injection, the club’s controlling shareholder made it crystal clear that the Italian powerhouse is not on the market.
In the space of just a few days, news of a €1.1 billion offer, statements from both sides and a firm board decision turned what could have been a disruptive shift in European football into a strong reaffirmation of continuity. For Exor, the holding company through which the Agnelli dynasty controls Juventus, the club remains far more than a financial asset: it is a century‑old family project and a strategic pillar in its portfolio.
A firm ‘no’ from Exor to Tether’s ambitious takeover plan
The story began when Tether Investments, operator of the world’s leading stablecoin USDT, submitted a binding, all‑cash proposal to buy Exor’s entire stake in Juventus. The offer targeted the 65.4% shareholding held by the Agnelli vehicle, at a price of €2.66 per share, valuing the club at around €1.1 billion.
That price implied a notable premium over the recent market level of Juventus stock, which had been trading around €2.19-€2.23 on the Milan exchange. In percentage terms, the proposal translated into roughly a 21% premium over the closing price, a classic tactic in takeover bids to entice controlling shareholders and minority investors alike.
Beyond acquiring Exor’s controlling stake, Tether also signalled its intention to launch a public tender offer for the remaining shares at the same price per share. The deal would have resulted in a full takeover and, according to Tether’s plans, a subsequent delisting of Juventus from the stock market, bringing the club back into private ownership.
However, the plan never moved past the initial stage. Exor’s board of directors met to assess the proposal and, according to the company’s official communication, unanimously rejected the offer. The rejection was framed as a continuation of Exor’s consistent stance: Juventus is not for sale to Tether or to any other third party.
In a public note, Exor reiterated that, despite the high‑profile approach, it has no intention of selling any portion of its Juventus shares. The club, the statement stressed, is regarded as a historic and strategic asset within the group, and one that the Agnelli family is determined to keep under its control.
“Our history and values are not for sale”: Elkann’s personal message
Alongside the formal corporate statement, the rejection took on a much more personal tone in a message from John Elkann, Exor’s CEO and the leading representative of the Agnelli‑Elkann clan. In a video shared on Juventus’ official channels, Elkann underlined the depth of the family’s connection to the club.
He recalled that Juventus has been part of the family’s life for more than 100 years, dating back to 1923, when Edoardo Agnelli became club president. Since then, four generations have been involved in guiding and supporting the Turin side through highs and lows, building what Elkann described as a bond that is emotional as well as economic.
At one point in his address, Elkann delivered the key line that sums up Exor’s position: “Juventus, our history and our values are not for sale.” He framed the decision not as a financial calculation, but as the defence of a century‑old legacy built on shared passion between the family and the club’s vast fan base.
Elkann also referred to the wider “bianconeri family”, made up of millions of supporters across Italy and around the world. According to him, for those fans Juventus is not a mere investment opportunity, but almost a family member in its own right, something that deserves commitment, care and patience rather than a quick transaction.
Looking ahead, Elkann insisted that Exor’s goal is to keep backing Juventus in the long run, both on and off the pitch. That includes providing stability to the current management team and supporting a strategic plan aimed at rebuilding a winning squad after a period of turbulence, which has included sporting inconsistencies and off‑field investigations.
Tether’s bid: price, structure and promised investment
On the other side of the table, Tether’s proposal sought to present itself not just as a buyout, but as the start of a new chapter for Juventus. The company, whose fortunes are closely tied to its flagship stablecoin USDT, has been enjoying a period of strong revenue growth in a crypto market that has regained momentum.
By offering €2.66 per share for Exor’s stake, Tether effectively priced Juventus at a level significantly above its market capitalisation, which had hovered around €915-€944 million in recent months. The takeover plan was described as a binding, fully cash‑funded transaction, signalling that the crypto firm was ready to deploy a substantial portion of its resources.
In addition to the purchase price, Tether pledged a further €1 billion investment into the club once the deal was concluded. This additional capital was earmarked for supporting the first team, strengthening infrastructure and accelerating the club’s broader development in an increasingly global and media‑driven football landscape.
Chief executive Paolo Ardoino explained that the company approached Juventus with a long‑term investment vision. He argued that Tether is in a solid financial position, with strong cash reserves and a rapidly expanding business, and that it could act as a powerful partner to return Juventus to the heights it has historically occupied in European football.
Ardoino also noted that, from the outset, Tether’s goal was to support and revitalise Juventus, not merely to acquire a trophy asset. Under the proposed plan, the company promised to work closely with existing structures and local stakeholders, positioning itself as a catalyst for sporting success and sustainable growth rather than a short‑term speculator.
Tether’s growing footprint in Juventus despite the failed takeover
Even though Exor has declined to sell its controlling stake, Tether is far from being an outsider to Juventus. The firm already owns around 11.5% of the club’s shares, which makes it the second‑largest shareholder behind Exor. This position has gradually translated into a tangible influence on the club’s governance.
In recent months, Tether took steps to strengthen its presence by putting forward candidates for Juventus’ board of directors. Among them were Zachary Lyons, serving as deputy chief investment officer, and Francesco Garino. The club’s shareholders last month formally approved Garino’s appointment, consolidating the crypto company’s voice in the boardroom.
Both Tether and Exor also participated in a capital increase of around €97.8 million, designed to ease Juventus’ debt burden and to underpin its medium‑term strategic plan. The joint participation highlighted that, despite the different positions on control of the club, the two main shareholders have been able to cooperate on financial stabilisation measures.
From a market perspective, the public disclosure of Tether’s interest had an immediate impact on Juventus’ share price. Following reports of the potential takeover, the stock climbed by roughly 2.3%, reaching around €2.23 per share, as investors priced in the possibility of a substantial control premium and fresh capital.
Once Exor’s unequivocal refusal became public, the speculative scenario faded and attention shifted back to business as usual under the Agnelli family. The episode nonetheless illustrated how, in a listed football club, news of a potential buyer — even one ultimately turned away — can quickly sway market expectations and valuations.
Juventus’ sporting context and the owners’ long‑term view
The timing of the bid coincided with a moment of sporting instability for Juventus. After dominating Serie A with nine consecutive league titles between 2012 and 2020, the club has not lifted the Scudetto since then and is currently trying to rebuild after several underwhelming campaigns.
At the time of Tether’s proposal, Juventus sat seventh in Serie A, trailing behind rivals such as Milan, Napoli, Inter, Roma, Bologna and Como 1907. Recent seasons have combined mixed results on the pitch with off‑field turbulence, including accounting investigations that led to the resignation of then‑president Andrea Agnelli and the entire board in 2022.
In response to the club’s stuttering performances, Juventus recently made changes in the technical area, parting ways with coach Igor Tudor and appointing Luciano Spalletti. The new manager expressed support for the owners’ decision, saying that it was positive to feel the strength and passion of John Elkann and his family for the club at such a delicate time.
Spalletti remarked that it is now up to the team and staff to turn that passion into tangible results, paying tribute to the club’s illustrious past while trying to build a future at a comparable or even higher level. In this sense, Exor’s refusal to sell is also interpreted as a statement of intent: the Agnelli family wants to oversee the next phase of Juventus’ sporting revival rather than pass the baton to a new owner.
Within Italian football, Juventus and reigning champions Napoli — the latter owned by film producer Aurelio De Laurentiis — now stand out as two major clubs that remain in domestic hands. In contrast, other heavyweights such as AC Milan, Inter and AS Roma have moved into the orbit of foreign investment funds, reflecting a broader trend in European football ownership.
Tether’s expansion drive and its controversial track record
The attempted acquisition of Juventus is part of a broader push by Tether to extend its influence beyond the traditional crypto space. Powered by the success of USDT, one of the cornerstone stablecoins in the market, the company has reached a scale that allows it to contemplate moves previously reserved for the biggest corporate players.
USDT has grown into a multi‑hundred‑billion‑dollar asset in market capitalisation terms, positioning it as the third‑largest digital asset globally. Analysts have suggested that Tether could be on track to generate around $15 billion in profits in a single year, leading some observers, such as Matt Hougan of Bitwise, to argue that it might become one of the most profitable companies worldwide, rivaling even energy giants like Saudi Aramco.
Backed by this financial muscle, Tether has been diversifying its reserves and activities, including increasing its holdings of precious metals such as gold — reportedly above $12 billion — and exploring investment opportunities in sectors where brand power, global audiences and media exposure intersect, such as top‑tier football.
However, the company’s trajectory has not been free from controversy. In 2021, Tether and its affiliates agreed to pay a $41 million fine after US regulators concluded that previous statements about the cash and liquid assets backing USDT had been misleading. Investigations found that not all tokens were supported by dollars held in reserve, with a portion of backing assets consisting of loans and other cryptocurrencies.
More recently, reports from the International Consortium of Investigative Journalists (ICIJ) have pointed to links between certain USDT transactions and wallets later associated with money‑laundering cases under investigation by US authorities. Although these findings relate to specific flows and not to the entirety of Tether’s operations, they add complexity to the company’s public image at a time when it is seeking greater legitimacy in traditional finance and sport.
Tether’s corporate evolution has also involved high‑profile hires. The company announced that it had recruited the former head of the White House crypto policy council, Bo Hines, to lead its expansion strategy in the United States. Hines, a former American football player and two‑time congressional candidate in North Carolina, was relatively unknown in crypto circles before his appointment but had played a role in strengthening ties between the US administration and digital asset firms.
During his tenure in public service, Hines was involved in organising the first crypto summit of Donald Trump’s term and contributed to the development of US digital‑asset legislation, culminating in the approval of the Genius Act, regarded as the country’s first specific law focused on stablecoins. His move to Tether is widely seen as part of the company’s attempt to navigate regulation and political landscapes more effectively.
Football’s evolving ownership landscape and the place of Juventus
The clash between Tether’s expansion plans and Exor’s defence of continuity comes against a backdrop of intense change in football ownership structures, especially in Europe’s top leagues. Over the past decade, leading clubs have increasingly become targets for investment funds, billionaires and corporate consortia looking for global visibility and long‑term asset appreciation.
Italy is no exception. Clubs such as AC Milan, Inter and Roma have ended up under foreign control, often via US or other international funds that have stepped in with fresh capital but also new governance models. In this context, Juventus’ refusal to sell to Tether stands out as a counter‑current decision, maintaining local family ownership at a time when many peers choose external capital.
Beyond Serie A, recent transactions in Spain and England illustrate the scale at which football assets are now valued. In LaLiga, the US fund Apollo agreed to take control of around 57% of Atlético de Madrid, valuing the Spanish club at approximately €2.5 billion. That figure dwarfs Juventus’ market capitalisation and underscores the growing divergence among Europe’s top teams.
The Atlético deal ranks among the three largest ever completed in European football, on par with Jim Ratcliffe’s acquisition of 27.7% of Manchester United for around £1.25 billion (€1.425 billion), which implied a valuation of more than €5.1 billion for the English giant. Yet another benchmark was set when Chelsea FC was sold in 2022 for approximately £2.5 billion (€2.85 billion) to a consortium led by Todd Boehly, following sanctions that forced former owner Roman Abramovich to part ways with the club.
Against this backdrop of rapidly rising valuations and increased corporate penetration, Exor’s decision to keep Juventus under family control conveys a clear signal: while it recognises the globalisation and financialisation of football, the Agnelli clan still sees the club primarily as a legacy institution that embodies its history and identity. For now, that perspective outweighs the appeal of cashing out at a premium price.
The failed sale to Tether has turned into a revealing episode about the balance of power between traditional football dynasties and new‑money players from the crypto industry. Juventus remains firmly anchored in the hands of the Agnelli family, which has opted for continuity, stability and a long‑term plan over a headline‑grabbing takeover, while Tether is left to channel its growing resources and ambitions into other ventures as it continues seeking ways to expand its footprint beyond digital assets.
