Hassan Maishera
TL;DR
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Tether submitted a bid to acquire Juventus Football Club, as it currently controls 10% of the club.
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However, the majority shareholder, the Agnelli family, rejected the acquisition bid.
Tether’s Juventus Acquisition Bid Rejected
Stablecoin issuer Tether submitted a bid to buy out the Agnelli family’s 65.4% stake in Juventus Football Club in an all-cash deal. However, Tether’s hopes have been dashed as the majority shareholder Exor’s board of directors has unanimously rejected Tether’s binding, all-cash bid to purchase the firm’s 65.4% stake in Juventus.
The company stated that it has no intention of selling any of its shares in Juventus to a third party, including but not restricted to El Salvador-based Tether.
In its bid, Tether stated that it had “deep admiration and respect” for the football club and planned to invest an additional $1 billion in its growth if the bid was accepted. Tether already holds a 10% stake in the club but has expressed its desire to take a more active role in the club.
Tether’s bid comes as the football club has faced ongoing financial challenges, posting losses and requiring capital injections in recent years. The capital injections have surpassed 1 billion euros ($1.17 billion) over the past seven years.
In its press release, Exos stated that Tether’s bid is unsolicited, adding that the Agnelli family remains committed to Juventus.
“Juventus is a storied and successful club, of which Exor and the Agnelli family are the stable and proud shareholders for over a century, and they remain fully committed to the Club, supporting its new management team in the execution of a clear strategy to deliver strong results both on and off the field,” the press release added.
