Tether premium acquisition hits a wall! The Agnelli family maintains Juventus's century-old dominance

The world’s largest stablecoin issuer Tether has submitted a binding all-cash takeover offer to Italy’s Agnelli family holding company Exor. The plan is to acquire approximately 65.4% of Juventus Football Club at €2.66 per share, with an overall valuation of about €1.1 billion, representing a 21% premium, and a commitment to reinvest €1 billion for team operations. However, Exor’s board unanimously rejected the offer, reaffirming no intention to sell to any third party.

Details of Tether’s €2.1 Billion Acquisition Plan

This acquisition proposal from Tether demonstrates the crypto giant’s ambition to venture into the traditional sports industry. The company offered €2.66 per share, about 21% above Juventus’s closing price of €2.19 on December 12. If successful, Tether would first acquire Exor’s 65.4% stake, then initiate a mandatory full takeover at the same price to buy out the remaining circulating shares, thereby gaining complete control of the club. This initial purchase would cost approximately €720 million, with the total cost upon full acquisition reaching around €1.1 billion.

Even more noteworthy is Tether’s subsequent investment commitment. The company stated that after the transaction, it would invest up to an additional €1 billion into team operations, player acquisitions, and infrastructure development. This brings Tether’s total investment commitment to Juventus to a staggering €2.1 billion. For a football club with an annual revenue of around €400 million, this capital is enough to carry out large-scale rebuilding over the coming years, including comprehensive upgrades to the squad and training facilities.

Tether emphasizes that all funds for the acquisition come entirely from the company’s own cash reserves, with no debt involved. This statement showcases the financial strength of the stablecoin giant. As the issuer of USDT stablecoin, Tether has long faced scrutiny over its opaque reserves and regulatory controversies. Nonetheless, it cannot be denied that the company has accumulated substantial cash reserves through its stablecoin operations. This acquisition plan marks Tether’s first major attempt to channel profits from the crypto industry into traditional business sectors.

Tether CEO Paolo Ardoino, who has long claimed to be a passionate Juventus fan, stated that this move is not just a commercial investment but also driven by love for the club. Ardoino hopes to elevate from the current second-largest shareholder (holding about 11.5%) to the controlling stakeholder, leading “The Old Lady” back to its peak. Such merging of personal sentiment and business decisions is not uncommon in the crypto industry but may raise concerns in the traditional football sector.

Agnelli Family’s Firm Rejection and Underlying Reasons

(Source: Exor)

In an official announcement on December 13, Exor’s board unanimously rejected Tether’s takeover proposal. This swift and firm response indicates that the Agnelli family had a clear stance from the outset. Exor reaffirmed: “We have no intention of selling any of our shares in Juventus to third parties, including but not limited to Tether, based in El Salvador.” The mention of “based in El Salvador” hints at family concerns regarding Tether’s regulatory status and transparency.

Three Major Reasons Why the Agnelli Family Rejected Tether

Prioritizing Century-Old Legacy: The relationship between the Agnelli family and Juventus spans over a century; the club is not only a business asset but also a symbol of family honor.

Regulatory Risks: Tether has faced long-standing regulatory controversies; the family worries that its crypto background could damage the club’s reputation.

Control Cannot Be Sacrificed: Despite financial pressures, the family believes maintaining control is key to preserving the club’s values.

Exor CEO John Elkann’s statement carries symbolic weight: “Juventus, our history, and our values are not for sale.” This is not only a response to Tether but also a declaration to the market. The Agnelli family has controlled Juventus since 1923, witnessing the club’s transformation from a regional team into a top European powerhouse over nearly a century. This deep historical bond far exceeds monetary considerations.

Despite Juventus’s recent financial struggles—continued losses and repeated injections of capital—the family is evidently reluctant to relinquish control. The club faced a 15-point deduction in 2022 due to financial misconduct scandals, with a loss exceeding €120 million in the 2023 fiscal year. Exor has invested over €700 million in the club multiple times. In this context, Tether’s €2.1 billion offer is theoretically very attractive, yet the family still chose to reject it.

Cryptocurrency Industry’s Setbacks in Entering Traditional Sports and Outlook for 2026

This failed acquisition has significant implications for the crypto industry. In recent years, crypto companies have actively sought partnerships with traditional sports, including sponsorships, naming rights, and acquisitions, aiming to enhance brand recognition and public perception. However, Tether’s setback reveals that mainstream acceptance of cryptocurrencies remains limited, especially when dealing with assets of historical and cultural significance.

Looking ahead to 2026, the integration of cryptocurrencies with traditional industries will face more challenges. Regulatory changes, market volatility, and public trust will influence the success of such endeavors. For Tether, this failure may prompt a reassessment of its strategy for entering traditional business sectors, possibly requiring improvements in transparency and regulatory compliance first.

For Juventus, rejecting Tether means the club must seek alternative financial solutions. Exor mentioned support for “a new management team to implement a clear strategy,” implying that the club will undergo internal reforms under family control. Whether Juventus can achieve both sporting and financial recovery within the next two years remains a test of the Agnelli family’s resolve and capability.

This confrontation ultimately concludes with tradition triumphing over money but also highlights the strong desire of crypto giants to enter mainstream commerce. As 2026 approaches, whether the crypto industry can find a path to win-win cooperation with traditional sectors amid clearer regulation and market maturation remains a focal point of industry attention.