Tether Offers Over One Billion Euros For Juventus Control, Exor Rejects

On December 12 and 13, Tether, the operator of the USDT stablecoin, lodged a binding all cash proposal to buy Exor N.V.’s entire 65.4 percent stake in Juventus Football Club S.p.A. The offer valued Exor shares at €2.66 each, implying a headline valuation for Juventus of just over €1 billion, with some outlets putting the figure nearer €1.1 billion. Exor’s board of directors issued a statement on December 13 saying it had unanimously rejected the unsolicited proposal and reaffirmed its commitment to retaining control of the club.

Tether told reporters the bid was fully financed from its own capital and, subject to regulatory approvals, the company intended to launch a public tender offer for remaining shares at the same per share price. Media reports said the proposal was conditional on Exor’s acceptance and the signing of definitive documentation, and suggested Exor would have a roughly ten day window to respond. Tether’s chief executive was reported on social media as describing the offer as “worth €1 billion.”

Reports also said Tether already holds a minority stake in Juventus, with estimates ranging from 10 percent to 11.5 percent and with one source saying Tether increased that holding at a recent shareholders meeting. One report added that if the takeover were completed Tether would commit roughly €1 billion in new investment into the club, a pledge that would significantly exceed Juventus’s recent capital injections which have surpassed €1 billion over the past seven years amid recurring losses.

The approach sharpened immediate questions about valuation, governance and regulatory oversight. A €1.0 to €1.1 billion valuation sits well below the peak market values of top European clubs and reflects Juventus’s stretched finances, but it would represent a major shift in ownership for a club controlled by the Agnelli family since 1923. Exor’s rejection maintains that long standing control and avoids a high profile sale to a cryptocurrency firm at a time when regulators in Europe and Italy are increasingly scrutinizing crypto entities and stablecoin backing.

Market implications extend beyond Juventus. The proposal placed a spotlight on how large crypto firms might deploy balance sheet cash to acquire legacy assets, potentially prompting closer examination of source of funds and fit and proper ownership tests applied to sports clubs. Analysts warn that a takeover by a stablecoin issuer could raise legal and reputational issues for the club, while supporters and sponsors could react unpredictably to the change in stewardship.

Longer term, the episode is part of a broader trend of digital asset players seeking mainstream visibility through stakes in sport and entertainment. For Juventus, the episode exposed the tension between sustained financial fragility and the symbolic value of family control. For policymakers and market participants, it will likely accelerate debate over foreign ownership rules, transparency of funding sources, and the governance standards expected of institutional owners in European football.