Tether’s Attempt to Acquire Juventus Football Club: Bid Rejected
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Tether, the company behind the popular stablecoin USDT, in a grand style, has made an attempt to purchase the Italian soccer team. According to the report on Friday, the firm confirmed a binding, all-cash offer to Exor, the Agnelli family’s holding company, for its 65.4% controlling stake in Juventus, which has been in the family for over 100 years.
As it stands, the reports have it that if Exor had agreed to the offer, the digital asset company would then make a public offer for the remaining shares of the club. Juventus, a publicly traded company, has a market value of 944.49 million euros (approximately $1.1 billion).
To this end, despite the proposal, sources close to Exor revealed that the bid was rejected, with one source revealing the club is not for sale.
Tether’s Offer and Investment Plans
Tether expressed a willingness to invest heavily in Juventus, offering 1 billion euros (about $1.1 billion) to support and grow the club if the deal were to go through.
As it stands, Paolo Ardoino, CEO of Tether, has stated that the company is in a strong financial position, and one of the aims of the company is to provide the club with stable capital and extensive financial support.
Prior to this time, Tether had already shown interest in the club; the firm had already purchased a stake in February, a consideration that was followed up in April by a 10% increase. The company also made a move to influence Juventus’ operations by nominating two of its executives to the club’s board of directors.
To this end, one of these executives, Francesco Garino, was appointed to the board after approval from the club’s shareholders.
Tether’s Growing Influence Beyond Stablecoin
From an investment point of view, Tether’s efforts to invest in Juventus are part of a larger strategy to expand its business beyond the frontiers of digital assets market space. The company has been investing in sectors like artificial intelligence, robotics, and health technology, in addition to its stablecoin operations.
Ardoino, who has been a lifelong Juventus fan, mentioned that he grew up watching the team and values the lessons of resilience and responsibility that Juventus represents. Despite the rejection of its acquisition offer, Tether continues to focus on growing its influence in various industries.
In order to place winning trades with us via Bybit, you can open an account here.
