The world's largest stablecoin issuer Tether submitted a binding takeover offer for Italian football club Juventus Turin valued at €1.1 billion. However, the Agnelli family promptly rejected the offer.
The offer of €2.66 per share represented a premium of more than 20 percent over the stock price on December 11. The target was to acquire the Agnelli family's 65.4 percent stake through their holding company Exor. Tether announced plans to launch a public tender offer for the remaining shares at the same price if the transaction succeeded. Additionally, the company planned to invest up to one billion euros in the sporting and commercial development of the club. The offer had an acceptance deadline of December 22.
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Rejection by the Agnelli family
Exor, the holding company of the Agnelli family, which has controlled Juventus since 1923, categorically rejected the takeover offer. A family spokesman told La Gazzetta dello Sport: "There are no negotiations underway regarding the sale of shares in Juventus." A source familiar with the matter described the reports as "press rumors." They clarified: "Juventus is not for sale."
The Agnelli family's position reflects the historical significance of the club to the family. For over a century, they have shaped the sporting and economic development of the club. Bloomberg reported that Exor will not reduce its stake in Juventus to Tether or other bidders.
Tether CEO Paolo Ardoino, who describes himself as a lifelong Juventus fan, had presented the offer as a serious initiative. He wanted to restore the club to its former glory. The company has held over 10 percent of Juventus shares since February. It also holds a seat on the board of directors.
Financial dimension and club situation
The valuation of around €1.1 billion for the 65.4 percent stake comes against the backdrop of significant financial challenges at Juventus. The club posted a pre-tax loss of €196 million in the 2023/24 financial year. However, the following year saw a reduction to €58 million. Total losses between 2014 and 2025 nevertheless add up to €999 million. Net financial debt amounts to approximately €280 million. Equity stands at just €13.2 million.
Analysts pointed out that Tether's offer is below the actual value of the club. Juventus's updated business plan targets break-even by the end of the 2026/27 season. This is contingent on sporting success and participation in the UEFA Champions League. The return to European elite competition in 2024/25 should significantly improve the revenue situation.
Tether manages a market capitalization of $186 billion with its USDT stablecoin. The company would finance the planned acquisition entirely from its own funds, independent of the stablecoin reserves. The reserves are approximately 78 to 80 percent backed by U.S. Treasury bonds. Furthermore, they show overcollateralization of 109 percent.
Tether's expansion into the sports sector
The Juventus initiative marks Tether's most ambitious push into professional football. The company had already been successively acquiring shares in the club since February 2025. In April, Tether increased its stake to over 10 percent. It also placed a representative on the board of directors. The company also proposed candidates for additional board positions ahead of the shareholder meeting on November 7.
Tether's first connection to professional football came in 2023 through the "Plan B" initiative, a cooperation with the city of Lugano to promote Bitcoin adoption. Plan B serves as the sole jersey sponsor of FC Lugano and enables payments for tickets, merchandising, and stadium catering in Bitcoin, USDT, and LVGA. The city of Lugano accepts both cryptocurrencies for municipal services and tax payments.
Juventus's fan token (JUV) reacted to the takeover offer with a price increase of 30 percent. This changed, however, before news of the rejection became known. Other top European clubs such as Manchester City, Paris Saint-Germain, and FC Barcelona have launched fan tokens via the Socios.com platform. These are based on the Chiliz blockchain. PSG also serves as a validator of the Chiliz Chain. Tether's attempt to gain direct ownership control differs fundamentally from these engagement models.
