Stablecoin issuer Tether’s dreams of a full takeover of Italian football club Juventus appear to have been dashed.
Majority shareholder Exor’s board has unanimously rejected Tether’s binding, all-cash bid to buy the firm’s 65.4% stake in Juventus, stating in a Saturday press release that it “does not intend to sell any of its shares in Juventus to a third party, including but not limited to El Salvador-based Tether.”
Tether publicly announced its bid to buy Exor – the holding company controlled by Italy’s Agnelli family, whose multi-industry business dynasty includes the Fiat motor company – yesterday, saying it had “deep admiration and respect” for the football club and planned to invest a further $1 billion in its growth if the bid was accepted. Tether already has a 10% stake in the club, but has long been vocal about the desire to take a more active role in the club.
A spokesperson for Tether did not immediately respond to CoinDesk’s request for comment.
Juventus has faced ongoing financial challenges, with recurring losses and requiring repeated capital injections totaling more than 1 billion euros ($1.17 billion) over the past seven years.
In its press release, Exor called Tether’s bid “unsolicited” and reiterated the Agnelli family’s continued commitment to the team’s success.
“Juventus is a magnificent and successful club where Exor and the Agnelli family have been the stable and proud shareholders for over a century and they remain fully committed to the club and support its new management team in the execution of a clear strategy to deliver strong results both on and off the pitch,” the press release said.
Neither Juventus nor Exor immediately responded to CoinDesk’s request for comment.
The price of a token linked to the football club, surged more than 32% in the last 24-hour period after the stablecoin giant revealed it was prepared to buy the club. At the time of writing, it does not appear to have yet responded to Exor’s announcement.
The stablecoin issuer is currently Juventus’ second largest shareholder with an 11.53% stake in the club, behind Exor. Juventus shares fell 0.9% in Friday’s trading session to 2.194 euros ($2.58). The club’s total market value hovers around $988 million.
