Summary
- Tether, the issuer of the stablecoin USDT, reportedly offered to invest up to 1 billion euros to acquire the remaining stake in Italian football club Juventus.
- However, Juventus's majority owner the Agnelli family and the holding company Exor said they have no plans to sell.
- Juventus's stock has fallen about 30% over the past year, and the acquisition's outcome is uncertain due to requiring Exor's approval and regulatory authorizations.
Tether, the issuer of the stablecoin USDT, has submitted a cash offer to buy the remaining stake in the Italian football club Juventus in full. However, the Agnelli family, the club's largest shareholder, reportedly made it clear that they have no plans to sell.
On the 12th (local time), Bloomberg reported that Tether recently submitted a takeover offer to buy Juventus's remaining stake. Tether invested in Juventus earlier this year and currently holds about 10.7% of the shares, and through this offer is attempting a full acquisition.
In a statement, Tether said, "We are prepared to invest up to 1 billion euros for Juventus's long-term development." Tether's takeover offer drew market attention as it came at a time when the Agnelli-Elkann family was reviewing portfolio reshuffling and some asset sales. Exor has recently been exploring strategic options including the sale of the media group Gedi (Gedi Gruppo Editoriale).
However, Exor NV, the Agnelli family's holding company, says Juventus is not on the sales list. People familiar with the matter said, "Exor has no plans to transfer its stake to any third party, including Tether." Exor currently holds 65.4% of Juventus, which is valued at about 540 million euros (about 634 billion won) at current market value.
Juventus's stock has fallen about 30% over the past year, and Exor's shares have also dropped about 23% over the same period. Nevertheless, the Agnelli family has shown a desire to maintain the symbolism of having dominated Juventus for nearly a century since 1923.
Juventus is a flagship club of Serie A, and its performance and financial condition are core to broadcast rights revenue, sponsorships, and the league's global standing. Tether has emphasized the symbolism of Juventus being the first major European club to have a crypto firm as a key shareholder.
Paolo Ardoino, Tether's chief executive officer (CEO), expressed personal affection, saying, "Juventus has been part of my life. I grew up with this team." However, the deal would require Exor's approval and the signing of a final agreement, as well as regulatory authorization, so its actual realization remains uncertain.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
