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Tether Holdings, the issuer of the world’s largest stablecoin, USDT, has made a monumental entry into traditional sports by submitting a binding all-cash proposal to acquire a controlling stake in Italian football club Juventus FC. The proposal, submitted to Exor, the global investment holding company controlled by the Agnelli family, aims to purchase their entire 65.4% shareholding in the club. The offer, which values the controlling stake at approximately €1.1 billion ($1.17 billion), would be funded entirely by Tether's internal capital. This move represents the first-ever attempt by a major cryptocurrency firm to take full ownership of an elite European football club, signaling a deepening synergy between the crypto world and traditional sports.
Commitment to Development and Market Reaction
[embed]https://twitter.com/paoloardoino/status/1999566649326727314[/embed] If the acquisition is successfully completed, Tether has pledged a further €1 billion investment dedicated to supporting the long-term development and growth of the club. Paolo Ardoino, CEO of Tether and a lifelong Juventus supporter, highlighted the personal connection behind the bid. He stated: “For me, Juventus has always been part of my life. I grew up with this team.” The announcement immediately had a dramatic effect on the crypto market surrounding the club. The official Juventus fan token, JUV, surged by approximately 30% shortly after the news was made public, reflecting investor excitement over the potential capital injection and management change.
From Minority Stake to Full Control Bid
Tether's interest in the Turin-based club has been steadily building throughout the year. The company initially acquired a minority stake in Juventus in February and later secured more than 10% ownership, gaining board representation in November. This full acquisition bid, however, would end the Agnelli family's control of the club, which has spanned over a century since 1923. Tether’s proposal is substantial, offering a significant premium over Juventus’s current market capitalization. The deal is structured to proceed with a public tender offer for the remaining shares at the same price, subject to Exor's acceptance and requisite regulatory approvals. While initial reports from sources close to Exor suggested the Agnelli family is not planning to sell, the binding offer remains active, setting the stage for a dramatic financial showdown.