Crypto stablecoin issuer Tether has announced a bid to fully acquire Italian football club Juventus FC, though the offer has reportedly already been rejected.
In a statement on Friday, Tether said it submitted a binding all-cash proposal to Exor, the Agnelli family’s holding company, to purchase its 65.4% controlling stake in Juventus—a position Exor has held for more than a century.
If accepted, Tether said it would launch a public offer for the remaining shares at the same price. Juventus is publicly listed and has a market capitalization of €944.49 million ($1.1 billion), with shares closing up 2.3% on Friday at €2.23 ($2.62).
However, AFP reported that the bid was turned down, citing a source close to Exor who said, “Juventus is not for sale.” Neither Exor nor Tether immediately responded to Cointelegraph’s request for comment.
Tether also pledged to invest €1 billion ($1.1 billion) into Juventus to support the club’s long-term development if the acquisition goes through.
“Tether is in a strong financial position and intends to back Juventus with stable capital and a long-term vision,” said Tether CEO Paolo Ardoino.
“For me, Juventus has always been a part of my life,” Ardoino said. “I grew up with this club. As a child, I learned the values of commitment, resilience, and responsibility by watching Juventus navigate both success and adversity with dignity.”
Tether, the issuer of the eponymous stablecoin, has been expanding beyond its core token business, increasing investments across sectors such as artificial intelligence, robotics, and digital health platforms.
The company first acquired a stake in Juventus in February and increased its holding to more than 10% in April. Since then, Tether has sought to deepen its influence at the club, nominating deputy investment chief Zachary Lyons and Francesco Garino to Juventus’ board of directors in October.
Those efforts have since borne fruit, with Juventus shareholders approving Garino’s appointment to the board last month.
