TL;DR
- Tether submitted a bid for 65.4% of Juventus at €2.66 per share, implying a valuation above €1.0 billion, plus more than €1.0 billion in future investments.
- Exor rejected the proposal in under 24 hours, making clear that Juventus is a historical and cultural asset of the Agnelli family, not a stake that is for sale.
- Neither a premium above 20% nor immediate liquidity is enough to displace family control without addressing governance and legitimacy.
Tether tried to buy Juventus and ran into a limit that crypto capital has yet to cross. The offer was straightforward, all cash, and carried a meaningful premium. Exor’s response was just as direct: there is no sale.
The issuer of the USDT stablecoin submitted an unsolicited proposal to acquire the 65.4% stake in Juventus controlled by Exor. The price was €2.66 per share, a 21% premium over the prevailing market value. The implied valuation slightly exceeded €1.0 billion. In addition, Tether committed another €1.0 billion in future investments for infrastructure, the stadium, and sporting development. Total deployed capital would have reached roughly €2.1 billion.
Exor Rejected the Proposal in Less Than 24 Hours
From a financial standpoint, the offer was not marginal. Juventus owns its stadium, has a massive fan base across Europe, and operates a globally recognized brand. Even so, Exor rejected the proposal in less than 24 hours. The holding company made it clear that it has no intention of selling any stake in the club, neither to Tether nor to any other buyer.
The decision cannot be explained by price alone. Exor and the Agnelli family have controlled Juventus for more than a century. The club functions as an identity, political, and cultural asset, not as a tradable investment. That logic was explicit in John Elkann’s public message: Juventus, its history, and its values are not for sale. In addition, the club is not under acute financial pressure. Three weeks earlier, Juventus had raised around €97.8 million through a capital increase to reduce debt and strengthen its balance sheet.
The market absorbed the message quickly. Shares initially jumped and then returned to prior levels once it became clear that the transaction had no path forward. For traders, the spread vanished. For the crypto sector, the signal ran deeper.
Tether Will Need a Different Approach to Enter Juventus’ Ownership Structure
Tether tested whether a stablecoin issuer with tens of billions in reserves can use its liquidity to acquire a high-profile, historic European asset. The answer was no. Neither a premium above 20% nor a long-term investment commitment was enough to displace a family control shareholder.
The takeaway is clear. Crypto capital will keep looking for real-world assets as it accumulates cash and seeks returns outside its own ecosystem. However, in traditional, regulated franchises loaded with symbolism, money does not buy legitimacy. Future proposals will need to address governance, reputational control, and political fit. Without that, large checks will keep crashing into closed doors
