- Tether submitted a fully funded, all-cash bid for a majority stake in the Italian football club Juventus, but the controlling owners have rejected the offer.
- The Agnelli family, which holds 65.4% of Juventus through Exor, stated that the stake is not for sale.
- The proposal would be a notable shift for crypto companies, moving beyond sponsorship to club ownership.
- Tether faces ongoing scrutiny related to past transactions and compliance efforts.
Tether, the company behind the USDT stablecoin, recently made a binding offer to acquire a controlling stake in the Italian football club Juventus. The offer was an all-cash deal, aiming to take over the 65.4% share that is controlled through the family investment vehicle Exor. The move would represent a rare step into outright sports club ownership for a crypto firm.
According to people familiar with the negotiations, as referenced by Bloomberg, the Agnelli family has declined to consider the sale, saying the asset is not available. Tether had also announced plans to launch a public tender for the remaining shares of Juventus if the main bid was accepted, offering the same price to minority shareholders.
The bid was described as fully funded with a commitment to support the club’s sporting ambitions. Tether said it was prepared to invest up to $1.2 billion to further the team’s development if the transaction could go through.
Earlier in the year, Tether acquired an 11.5% stake in Juventus, becoming the club’s second-largest shareholder. Both Exor and Tether participated in a $106 million capital increase in November, a measure designed to help with debt reduction and the club’s strategic initiatives.
Most previous involvement by crypto firms in major football has focused on sponsorships or short-term fan token partnerships. According to Bloomberg, these efforts have generally produced modest returns and experienced significant volatility.
The attempted acquisition takes place as Tether remains under scrutiny regarding its financial practices. The International Consortium of Investigative Journalists has reported that some USDT transactions have been tied to wallets identified by U.S. authorities as connected to money laundering. Tether has stated that it cooperates with law enforcement and can freeze wallets on request.
Retail investor sentiment for Tether was described as neutral with low message volume as of December 12, according to recent data.
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