Juventus Football Club is one of Italy's oldest and most successful clubs. They have won a record 36 titles in the Italian top flight and have won the UEFA Champions League twice.
Tether, the stablecoin issuer that already holds an 11.5% stake in the club, made a binding all-cash offer earlier this week to Exor, the Italian family-owned holding company of the Agnelli family, to acquire a 65.4% stake in Juventus Football Club. If the deal goes through, Tether will initiate a mandatory general offer to buy the remaining outstanding shares at the same price, aiming to gain control of the club.
Acquisition Proposal Details
It is understood that Tether offered €2.66 per share, valuing Juventus at approximately €1.1 billion, a premium over the closing price of €2.19 on the 12th.
Tether stated that the acquisition was funded entirely by its own cash reserves, not debt, and pledged to invest up to €1 billion in team operations, player recruitment, and infrastructure after the transaction. Tether CEO Paolo Ardoino, a long-time Juventus fan, now hopes to move from a minority shareholder to a controlling shareholder.
Unclear attitudes of regulators and sellers
However, the acquisition still faces multiple uncertainties. An Exor spokesperson told Gazzetta dello Sport that they had not negotiated with Tether regarding the deal, calling the reports merely "media rumors." On the other hand, EU regulators also need to review the compliance of stablecoin companies that have complete control over listed clubs, particularly regarding the source of funds and anti-money laundering regulations.
Italian media outlet Unione Sarda points out that any share transfer must be reviewed by the EU and Italian financial market regulators, a process expected to take several months.
The market is now watching to see if Exor will soften its stance and what the direction of EU regulation will be. If the acquisition goes through, it will be the largest case of cryptocurrency capital entering the traditional sports industry; if the plan is thwarted, it still shows that Tether's large cash reserves have become a potential driving force in the global M&A market.
