TL;DR
- Tether nominated Zachary Lyons and Francesco Garino to the board of Juventus after holding a 10.7% stake in the Italian club.
- The company aims to influence the club’s governance, proposing bylaw changes and greater minority representation. The vote is scheduled for November 7.
- Tether combines this strategy with investments in BTC, Rumble, and Northern Data.
Tether nominated two executives to the board of the Italian club Juventus, eight months after its initial investment, deepening its involvement in the club’s management.
Tether Holds a 10.7% Stake in Juventus
The company presented Zachary Lyons, its deputy chief investment officer, and Francesco Garino, an orthodontist and Juventus fan, as candidates for the board. Tether holds a 10.7% stake in the club following investments made in February and April.
The nomination reflects the company’s intention to influence the club’s governance, proposing bylaw changes and promoting advanced corporate practices, including greater minority representation. The elections will be decided at the shareholder meeting scheduled for November 7.
Corruption Scandals
The club has faced several scandals. In November 2022, all board members resigned amid alleged financial fraud related to player salaries. In September, former president Andrea Agnelli and two other executives accepted plea deals with suspended sentences.
Tether has also made substantial investments in other companies. It holds 100,000 BTC, valued at over $11 billion, and invested $775 million in the video platform Rumble. In August, together with Rumble, it proposed a joint acquisition of Northern Data, an artificial intelligence infrastructure company, for $1.17 billion.
New Practices and Greater Professionalism
Paolo Ardoino, Tether’s CEO, emphasized the importance of this proposal to strengthen ties with fans and align the club’s governance with international corporate practices. The company aims to use its position to influence strategic decisions and adopt stronger management models within the club.
For now, it remains to be seen how events unfold and whether the firm behind the USDT stablecoin, the largest by market capitalization, manages to enter the top management of the Vecchia Signora and implement structural changes from within the institution
