Yeliz Akmaca 
Tether, the world’s largest stablecoin issuer, made a move that sent shockwaves through the football world. The company’s proposal to acquire Juventus quickly became a major topic across financial and sports markets. However, contrary to expectations, the initiative was met with a firm and immediate response from Italy.
Tether’s offer, valuing Juventus at around €1.1 billion, was unanimously rejected by Exor, the holding company controlled by the Agnelli family and the club’s majority shareholder. The decision reflected not only financial considerations but also deeper strategic and emotional factors tied to the club’s identity.
Exor CEO John Elkann addressed the situation in a rare video message published on Juventus’ official website, stating, “Juventus, our history and our values are not for sale.”
Details of Tether’s Offer for Juventus
Tether submitted an all-cash proposal to acquire Exor’s 65.4% stake in Juventus. The offer included a premium of more than 20% per share, pushing the club’s total valuation to approximately €1.1 billion.
Alongside the acquisition bid, Tether announced plans to invest close to €1 billion to strengthen Juventus’ infrastructure, digital revenue models, and global brand presence. CEO Paolo Ardoino described the proposal as part of a long-term vision aimed at transforming Juventus into an even stronger global sports brand.
The move was widely interpreted as one of the most ambitious steps ever taken by a crypto-native company into elite European football ownership.
Tether’s Broader Strategy Behind the Move
Tether’s Juventus initiative fits into a broader expansion strategy that goes beyond its core stablecoin business. In the first nine months of 2025, the company reported more than $10 billion in net profit, channeling capital into emerging sectors such as artificial intelligence, robotics, and bitcoin mining.
Earlier this year, Tether quietly acquired a minority stake in Juventus in February and increased its holding to over 10% by April. At the time, Ardoino said the partnership could unlock innovative collaborations and reshape engagement within the global sports ecosystem.
Ardoino also acknowledged a personal connection to the club, stating, “Juventus has always been a part of my life,” reinforcing the idea that the bid carried emotional significance alongside strategic ambition.
Exor and the Agnelli Family’s Firm Stance
Following the public disclosure of the offer, Exor’s board convened quickly and reached a unanimous decision without entering negotiations. The company made it clear that Juventus is not for sale.
John Elkann emphasized that Juventus represents far more than a financial asset for the Agnelli family. Protecting the club’s historical legacy, sporting identity, and cultural values was described as a core priority.
Exor also reiterated its confidence in the current management structure and long-term sporting plans. Maintaining control of the club was framed as a strategic necessity for Juventus’ future stability and direction.
Market Reaction and the Crypto–Sports Dynamic
News of Tether’s bid initially triggered short-term volatility in Juventus shares. Once the rejection became clear, prices stabilized, indicating that markets had quickly priced in the possibility of a sale and adjusted accordingly.
More broadly, the episode highlighted the growing but complex relationship between crypto capital and traditional sports institutions. Despite substantial financial resources, decision-making power in elite clubs remains closely tied to ownership philosophy and institutional legacy.
Analysts suggest that while full takeovers may face resistance, crypto companies are likely to deepen their presence through sponsorships, technology partnerships, and digital revenue-sharing models rather than outright control.
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