The issuer of cryptocurrency stablecoins, Tether, has made a comprehensive offer to purchase Italian football giant Juventus FC in a transaction worth about 1.1 billion. The offer is ambitious and aims to acquire the majority stake of the Agnelli family by their holding company, Exor, which has owned it for over a hundred years. Nevertheless, the longtime owners have already rejected the proposal, according to the sources.
Exor Stands Firm on Ownership.
Tether made an all-cash binding offer on Friday on the 65.4% majority stake in the Turin-based club by Exor, and intended to offer the same to other shareholders. The stablecoin firm promised to inject one billion euros into Juventus to support its operations and strategic growth in case the deal is approved by existing stakeholders. Although the financial commitment was significant, AFP has reported that Exor has hastily disregarded the strategy, with the inside sources saying that the club is not to be sold in any way.
Tether CEO Paolo Ardoino said he personally felt attached to the club and that Juventus was part of his upbringing and spoke of lessons on commitment and resilience. The firm has continued to intensify its participation in Juventus during this year, first by buying shares in February and then extending beyond 10%. Tether has been able to nominate two representatives to the club board in October, and Francesco Garino was approved by the shareholders as a directorship last month.
The rejection is a blow to the diversification strategy of Tether beyond its stablecoin business, which has also involved investments in artificial intelligence, robotics, and healthcare platforms. Juventus is a publicly traded company with a market capitalization of more than 944 million euros, and its shares increased 2.3% on Friday after the acquisition attempt was announced.
The uncompromising nature of the Agnelli family indicates that they will remain as stewards of the century-long tradition, even with the interest of the giants of the cryptocurrency industry in investing in traditional sports.
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