Tether’s Bold Juventus Buyout Bid Hits Resistance As Controlling Owners Refuse To Sell Stake: Report

The crypto firm’s push into full football club ownership is encountering obstacles despite a fully funded offer and plans for a wider tender.

• Tether made a binding all-cash offer and plans a public tender if approved.
• The 65.4% controlling stake held via Exor is not being put up for sale, the Agnelli family said.
• The bid would be an unusual shift for crypto firms beyond sponsorships and fan tokens.

Tether’s rare bid to buy a major European football club is reportedly running into resistance from the Agnelli family, which controls Juventus and is not planning to sell its majority stake.

Controlling Owners Not Willing To Sell

The Agnelli family, which controls Juventus through its investment vehicle Exor, is not willing to reduce its ownership to Tether or any other party because the asset is not for sale, Bloomberg reported, citing people familiar with the matter. Tether’s proposal is aimed at acquiring Exor’s holding, which accounts for about 65.4% of Juventus’ outstanding shares.

The stance puts a major obstacle in front of Tether’s proposal, despite the crypto firm describing its approach as fully funded and backed by a long-term commitment to the club.

Tether’s Proposal And Public Offer Plan

On Friday, Tether said it had submitted a binding all-cash proposal to acquire the controlling stake in Juventus. Subject to regulatory approvals and acceptance by the seller, Tether said it would then launch a public tender offer for the remaining shares at the same price.

The company added that it was prepared to invest up to €1 billion ($1.2 billion) to support Juventus’ development and sporting ambitions if the transaction were completed.

Earlier this year, Tether built an 11.5% stake in Juventus to become the club’s second-largest shareholder. In November, both the Agnelli family’s investment company and Tether participated in a €97.8 million capital increase aimed at reducing debt and supporting the club’s strategic plan.

A Break From Crypto’s Sports Playbook

The buyout approach would mark a shift from how crypto firms have typically engaged with professional sports. Most crypto-related football deals to date have been limited to sponsorships or fan-token partnerships rather than outright ownership.

Fan tokens launched by clubs such as Paris Saint-Germain, Barcelona and Manchester City have generated relatively modest revenue and have often seen sharp price swings, with limited long-term engagement from supporters, Bloomberg noted.

Tether Under Ongoing Scrutiny

The proposed acquisition comes as Tether, issuer of the USDT stablecoin, remains under scrutiny over its role in the global crypto system.

Investigations cited by the International Consortium of Investigative Journalists have linked large volumes of USDT transactions to wallets later identified by U.S. authorities as connected to money laundering activity. Tether has said it works with law enforcement and freezes wallets in coordination with authorities when required.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment for Tether was ‘neutral’ amid ‘low’ message volume.

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